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Describe how closing entries are made.

Describe how closing entries are made.. Describe how closing entries are made.

Give an example that shows that difference between the cash basis and the accrual basis of accounting.

Chapter 4

  1. Give an example that shows that difference between the cash basis and the accrual basis of accounting.
  2. Give an example of each of the four major types of adjusting entries.
  3. Describe the nature and purpose of the adjusted trial balance.
  4. Describe how closing entries are made.
  5. List the required steps in the accounting cycle.

Attachment below is student A and student B answers. Please rephrase their answers in own words.

Describe how closing entries are made.

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