After the closing process, the permanent accounts are set back to zero.
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Q87: The entry to close the Freight-in account
Q88: In the process of closing entries, the
Q89: Ending inventory is adjusted by debiting Merchandise
Q90: Adjusting journal entries still need to be
Q91: Beginning inventory is adjusted by debiting Merchandise
Q93: The post-closing trial balance is prepared from:
A)
Q94: When closing income statement accounts having credit
Q95: The adjusting entry to record Service income
Q96: For each of the following, identify in
Q97: The trial balance is used to prepare
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