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Entries made at the end of the month or the end of the year to update accounts and assure accuracy of entries are called balance
Entries made at the end of the month or the end of the year to update accounts and assure accuracy of entries are called balance entries adjusting entries reversing entries correction entries A declared cash dividend issued to investors is recorded as a current asset current liability current expense current revenue All of the following are end-of-the-month procedures EXCEPT closing out aging accounts O closing out drawing account closing out revenue accounts closing out expense accounts The general journal is used to record receipt of cash sales of merchandise disbursements of cash adjusting, closing, or reversing entries
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