Closing entries may be prepared from the ledger or the work sheet.

Name: Closing entries may be prepared from the ledger or the work sheet.
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Closing entries can be prepared from the ledger (by analyzing the revenue and expense accounts and transferring their balances to the income summary account) or from the work sheet (by completing the necessary adjustments and transferring the balances to the income summary account).

Closing Entries May Be Prepared from the Ledger or the Work