You are an owner of a small 'mom & pop' store (whatever you'd like it to be.....). You are not a public company, meaning you do not sell stock to the public. You sell goods (inventory). Because you are a small shop (although very profitable/ successful and you have a lot of transactions), you don't have anybody asking for your financial statements regularly. The only substantial requirement that is asked of you is to provide financial statements to your bank. These statements need to be prepared according to GAAP guidelines and are to be provided on an annual basis for each calendar year ending December 31st.

1. How often would you post your adjusting journal entries? Weekly? Monthly? Annually? Justify your answer!!! Explain.
2. Is there a difference in how frequently you post your adjusting journal entries? Explain.