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In your own words... Explain the purpose and timing of adjusting journal entries. Explain the purpose and timing of closing journal entries. Explain each section

In your own words...

Explain the purpose and timing of adjusting journal entries.

Explain the purpose and timing of closing journal entries.

Explain each section of the classified balance sheet .

Explain the current ratio and the debt to equity ratio.

Explain the purpose of internal controls. Identify and explain 5 common internal controls that are used in business.

Explain the purpose and timing of the process of bank reconciliation.

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