Accounting Cycle, Closing Entries, and Merchandise

Deliverable Length: 300-400 words

Be substantive and clear, and use examples to reinforce your ideas.

  • Closing Entries
    • What are the reasons for closing entries?
    • What accounts are closed?
    • How are closing entries done?
    • What is the result of the closing entry?
  • Merchandising
    • What is the difference between a service and a merchandising business? Provide an example of each.
    • What are three new types of merchandising accounts?

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