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?
Then, in your follow-up posts, discuss your experiences working on Milestone One of the final project. Has the reading and homework prepared you for this work? What have been the challenges so far?