Before the proper closing procedures may be accomplished, the adjusting entries on the year-end worksheet must be:

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Once the year-end worksheet has been completed, the last three steps of the accounting cycle - adjust, report, and close may be done. The adjusting entries to be journalized and posted can be taken from the information in the adjustment columns. Because they have first been entered on the worksheet, they can be reviewed for their financial effects before being journalized, thus, the likelihood of incorrect adjustments appearing in the formal accounting records is reduced.

Before the Proper Closing Procedures May Be Accomplished, the Adjusting