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What are the reasons for closing entries

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Accounting

Within the Discussion Board area, write 300-400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

• Closing Entries

o What are the reasons for closing entries?
o What accounts are closed?
o How are closing entries done?
o What is the result of the closing entry?

• Merchandising

o What is the difference between a service and a merchandising business? Provide an example of each.
o What are three new types of merchandising accounts?

Reference no: EM131146774

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