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The accounts affected by closing entries are revenue accounts, expenses, dividends, and summary accounts. These accounts are affected because they include a closing entry which is a process that closes each account as the information is shifted to each statement. A closing journal entry is entered at the end of each accounting based on the organization's fiscal year. The more endless accounts such as liabilities, equities, and assets like stocks are continuously monitored for the next year and are necessary to analyze the company's financial practices. These earnings are kept and are not impacted by the closing journal entry. Being that there is a lot of fine-tooth combing when it comes to tracking down the finances of different accounts I could understand how it would feel time- consuming and frustrating for any local business owner. If I were to provide any information on the importance of providing accurate financial projections for his business. I would explain that if he were to maintain his books he would be able to see that the closing entries of each account would show exactly where his revenue is flowing and exactly what his expenses are to keep him