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The last step in the accounting cycle is the preparation of the post-closing trial balance.
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Closing entries transfer the net income or net loss to the withdrawals account.
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Current assets are those used up or converted to cash during the normal operating cycle of a business.
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Closing the revenue account is the second closing entry.
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The net income or net loss reported on the income statement must be the same as the net income or net loss calculated on the work sheet.
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To close the withdrawals account, the amount of its balance is debited to the capital account and credited to the withdrawals account.
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To close a revenue account, debit it for the amount of its credit balance.
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A Form W-4 lists the marital status and number of exemptions claimed by the employee.
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