Closing Entries and Post-Closing Trial Balance.docx

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Department
Business Administration
Course
Business Administration 2257
Professor
Prof
Semester
Spring

Description
INTRODUCTION TO THE ACCOUNTING CYCLECHAPTER 4 ADJUSTMENTS AND FINANCIAL STATEMENTSCLOSING ENTRIESAt this point we have created our financial statement which represents everything on our TaccountsExcept where is Retained Earnings on SuperTWe close the temporary accounts expenses revenues dividendsoWhy these accounts RetainedEarningsOpenBalanceProfitDividendsClosingBalanceoPermanent accounts carry over to the next accounting period assets liabilities shareholders equityThere are four closing entries which transfer all temporary account balance to retained earnings1Debit all your revenues and credit the total on your income
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