Question
The purpose of the closing entry is to reset the temporary account balances to zero on the general ledger, the record-keeping system for a company's
The purpose of the closing entry is to reset the temporary account balances to zero on the general ledger, the record-keeping system for a company's financial data (Liberto, 2020). What accounts are affected by closing entries? What affects are not affected by closing entries?
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
