3 years ago

After the closing entries have been posted:

1 answer:

7 0

Closing entries are entries<span> made at the end of an accounting period to zero out all temporary accounts. The balances are transferred to permanent accounts.
After the closing entries have been posted:
A. the temporary accounts are zeroed out
Revenues and expenses are transferred to the income Summary Account and then Income Summary is closed to Retained earnings.</span>

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