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?