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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are closing entries, and what is their purpose?

To determine

Describe closing entries and its purpose.

Explanation

Closing entries: The journal entries prepared to close the temporary accounts to retained earnings account are referred to as closing entries. The revenue, expense, and dividends accounts are referred to a temporary account (income summary) because the information and figures in these accounts is held temporarily and consequently tran...

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