1. After graduating from Berkeley College and passing your CPA
exam, you have opened up an accounting firm that offers tax and
consulting services to clients. You have just picked up a new
client who is very anxious about his expenses. The client considers
his in house accounting services to be too high and he feels that
he could save some time and money in that area by telling his
accounting staff not to do closing entries. It is your job, in this
discussion, to explain to your new client the importance of doing
the closing entries and why they are worth doing. 2. Please tell us
about permanent and temporary accounts. Please let us know which
financial statement contains the permanent accounts and which one
contains the temporary accounts. Please list the 4 closing entries.
Be sure to respond to questions or comments from me. Don’t forget
that you are required to provide an APA formatted reference for
your initial post. Please post as early in the week as possible.
When responding to classmates, please include information from
Chapter 4 in your eText regarding the accounting cycle and/or the
closing entries.