Adjusting entries are recorded and posted after closing entries.
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Q25: After posting the adjusting entries,the balance of
Q26: Assets,liabilities,and the owner's capital account are closed
Q27: The effect of drawing transactions on the
Q28: To close the drawing account with a
Q29: The three types of business activities are
Q31: A balance sheet that classifies (or groups)items
Q32: Revenue and expense account are permanent accounts.
Q33: The heading for a balance sheet includes
Q34: The end-of-period work sheet is completed after
Q35: Expenses on the income statement could be
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