Adjustments at the end of the period are not formally entered in the journal or posted to the accounts.
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Q12: Long-term liabilities are liabilities that are due
Q13: Expenses on the income statement could be
Q14: The statement of owner's equity is prepared
Q15: To close an expense account with a
Q16: An income statement is an itemized statement
Q18: A mortgage on an office building is
Q19: The income statement includes all changes in
Q20: The steps involved in handling all of
Q21: The amounts in the financial statements must
Q22: Closing entries are made in the journal
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