Hello I need help with a discussion post:
2-1 Discussion: Financial Statement Production and Milestone One
In your initial post, consider the steps in the accounting cycle. In what order do you think the financial statements should be produced? Specifically, does the position of the closing entries make sense to you as described in the textbook, or does it make more sense to produce the statements in the order described in Milestone One, in which the closing entries are completed before the income statement? Why or why not?