Maury Jacobs, owner of Jacobs Furniture Company, notices the amount of time it takes the companys accountant
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Maury Jacobs, owner of Jacobs Furniture Company, notices the amount of time it takes the company’s accountant to prepare closing entries. He suggests that the company could save time and money by not doing closing entries. He argues that only adjusting entries are needed to determine the company’s earnings. Explain the purposes of closing entries and why they are worth doing.
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Closing entries prepare the accounts for the next accounting period by clearing t...View the full answer
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