1. The accounting assistant at your office just completed the worksheet and journalized and posted...
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Accounting
1. The accounting assistant at your office just completed the worksheet and journalized and posted the closing entries. He failed to record the adjusting entries, however. What are the effects of these actions and omissions on the accounting records and the resulting financial statements? 2. Your cousin owns a bakery. She does her own accounting, although she has never heard of closing entries before. She wonders why she should do them because all she really looks at is the company checkbook. What would you say to your cousin to convince her that closing entries are necessary
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