Q3-58. A major purpose of preparing closing entries is to a. update the Retained Earnings account. b.
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Q3-58. A major purpose of preparing closing entries is to
a. update the Retained Earnings account.
b. adjust the asset accounts to their correct current balances.
c. close out the Supplies account.
d. zero out the liability accounts.
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Related Book For
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
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