Journalizing and posting the adjustments and closing entries update the ledger for the new accounting period.
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Q10: Accrued revenues are ordinarily listed on the
Q26: During the closing process, some balance sheet
Q29: Entries required to close the balances of
Q31: Closing entries are entered directly on to
Q34: The post-closing trial balance will generally have
Q36: Assets, liabilities, and stockholders' equity accounts are
Q37: Journalizing and posting closing entries must be
Q39: All income statement accounts will be closed
Q39: Examples of temporary accounts are Supplies and
Q48: The income summary account is also known
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