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Chapter 10

TermDefinition
Closing Entry Journal entries made to close, or reduce to zero, the balances in the temporary accounts and to transfer the net income or net loss for the period to the capital.
Income Summary Account Used to accumulate and summarize the revenue and expenses for the period.
Compound Entry Saves both space and posting times.
Post Closing Trial Balance Prepared to make sure total debits equal total credits after the closing entries are posted.
Created by: 333317
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