1. After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing.

2. Please tell us about permanent and temporary accounts. Please let us know which financial statement contains the permanent accounts and which one contains the temporary accounts. Please list the 4 closing entries.

Don't forget that you are required to provide an APA formatted reference for your initial post. When responding to classmates, please include information from Chapter 4 in your eText regarding the accounting cycle and/or the closing entries.

Please remember that you must enter at least 3 meaningful posts to this discussion board.