Financial Accounting Discussion Questions!

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**** There is no minium word count for these questions. They DO NOT need to be in APA Format! **** ( I attached chapter for reference) 

DQ# 1

What are the four closing journal entries? Why are these necessary?


What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?


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