A client is extremely pleased with his company’s performance for the first month and has contacted your manager, Mr. Johnson,
to see if anything else needs to be done with the company's bookkeeping. Mr. Johnson is still reviewing your qualifications, so he asks you to draft a memo for the client explaining the need for adjusting and closing entries. In this memo, explain why these entries are necessary and how they should be completed.
Submit a memo consisting of 500–750 words in which you explain to the client
- the need for adjusting and closing entries.
- why these entries are necessary.
- how they should be completed.
- what would happen if the client did not complete adjusting and closing entries.
- how that might impact the client’s financial statements.
- what other impact the lack of adjusting and closing entries might have.
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