1. Describe a company that records closing entries and discuss the following: List the steps...
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Accounting
1. Describe a company that records closing entries and discuss the following: List the steps in recording closing entries. What accounts are affected by closing entries? What accounts are not affected?
2. Select a Merchandising Company (state the company name) and identify the items that appear in the financial statements of a merchandising company that is not in the financial statement of a Service Company (state the company name).
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