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Closing entries are required to reduce the balances in the permanent accounts to zero at the end of each period. transfer the components of net
Closing entries are required to reduce the balances in the permanent accounts to zero at the end of each period. transfer the components of net income to a revenue account each period. establish a zero balance in all revenue and expense accounts at the end of each period. are required for only publicly traded corporations based in the United States. None of the above
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