How does preparing closing entries, reversing entries, and post closing trial balances relate to the practice of accounting and its uses in business? How does classified income statements, retained earnings statements and balance sheets relate to the practice of accounting and its uses in business?

How does preparing closing entries, reversing entries, and post closing trial balances relate to the practice of accounting and its uses in business? How does classified income statements, retained earnings statements and balance sheets relate to the practice of accounting and its uses in business?

Describe how to prepare a classified income statement, retained earnings statement, and a balance sheet.

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