During the closing process, some balance sheet accounts are closed and end the period with a zero balance.

Name: During the closing process, some balance sheet accounts are closed and end the period with a zero balance.
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During the closing process, only revenue, expense, dividends, and income summary accounts are closed to prepare for the next accounting period. Balance sheet accounts (assets, liabilities, and equity) are not closed and carry their balances forward.

During the Closing Process, Some Balance Sheet Accounts Are Closed