(a) What does the information in the financial reports tell us about a company? What does the information in the reports you have prepared for Borderline Ltd tell us about this company?
(b) What is the difference between a pre and post adjusting/closing trial balance? Why would you want to prepare both?
(c) Explain the purpose of both adjusting and closing entries providing an example(s) for Borderline Ltd of both.
(d) What is the purpose of preparing a bank reconciliation? What information did you discover about this company by preparing a bank reconciliation?
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