Answer each question with 100+ words
1. How would you
define closing entries?
2. Why are most closing entries completed at the end of
the year?
3.Would you rather complete closing entries at year end
or month end close? Explain.
4. Describe the nature of the Income Summary account,
and identify the types of summary data that may be posted to this
account.
5. Why do you think it is important to summarize account
information before posting to the Retained...