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Accounting Cycle

Parson - Chp 10 Completing the Accounting Cycle

QuestionAnswer
Closing entries journal entries made to close, or reduce to zero, the balances in the temporary capital accounts.
Income Summary Account The account in the general ledger used to summarize the revenue and expenses for the fiscal period.
Compound entry a journal entry with two or more debits or two or more credits.
Post-closing trial balance Prepared to verify that total debits equal total credits after closing entries are posted.
Created by: yparson
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