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Kruka [31]
3 years ago
10

After the closing entries have been posted:

Computers and Technology
1 answer:
Nimfa-mama [501]3 years ago
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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