Question.5159 - Discussion - Chapter 4What are the steps in recording closing entries?
Answer Below:
Recording xxxxxxx entries xx an xxxxxxxxx part xx the xxxxxxxxxx cycle xx involves xxxxxxx out xxxxxxxxx accounts xxx transferring xxxxx balances xx permanent xxxxxxxx to xxxxxxx the xxxxx for xxx next xxxxxxxxxx period xx transfer xxx balances xx all xxxxxxx accounts xx the xxxxxx Summary xxxxxxx To xxxxxxxx all xxxxxxx account xxxxxxxx to xxx income xxxxxxx To xxxxxxxx the xxx income xx net xxxx from xxx income xxxxxxx to xxx retained xxxxxxxx or xxxxxxx account xx transfer xxx balance xx dividends xxx corporations xx owner's xxxxxxxx for xxxx proprietorships xx retained xxxxxxxx or xxxxxxx After xxxxx steps xxx temporary xxxxxxxx will xxxx zero xxxxxxxx and xxx financial xxxxxxxxxx can xx prepared xxx the xxxx periodMore Articles From Accounting
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