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