The eighth step in the accounting cycle is to journalize and post the closing entries: Closing
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The eighth step in the accounting cycle is to journalize and post the closing entries:
• Closing is the process of transferring the balances in the temporary accounts to the owner’s capital account.
• The asset, liability, and owner’s capital accounts are never closed.
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Closing entries take place at the end of an accounting cycle as a set of journal entries The closing ...View the full answer
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Dudhat Vaidehi
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