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racesb ch.8

recording adjusting and closing entries for a service business

QuestionAnswer
adjusting entries ledger accounts at the end of the accounting period
permanent accounts used to accumulate info from one fiscal period to another
temporary accounts accounts used to accumulate info until it is transferred to the owners capital account
closing entries journal entries used to perpare temporary accounts for a new fiscal period
post-closing trial balance a trial balance perpared after the closing entries are posted
accounting cycle recording financial information for a fiscal period
Created by: jgreenhill
Popular Accounting sets

 

 



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