Week Four Reflection Summary

ACC/290

University of Phoenix

Week Three Reflection Summary

Week three was very informative. The team members' knowledge has continued to increase in accounting. The team members learned about preparing closing entries, reversing entries, and a post-closing trial balance. In addition, the team members gain knowledge about preparing a financial statement worksheet, preparing a classified income statement, retained earnings statement, and balance sheet.

The closing journal entries are important in the practice of accounting because at the end of the accounting period it helps zero the balances of the temporary accounts, and transferring the balances to the permanent accounts. On the other hand, some companies perform reversing entries to make sure...