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The post-closing trial balance includes only the ______ accounts.
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
Office Supplies would normally have a ___________ balance.
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
A journal entry having two or more debits and/or credits
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
To close an expense account, _____________it.
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
Closing entries close the net income or net loss into the
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
The account in the general ledger used for summarizing the revenue and expenses for a fiscal period
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
Journal entries made to close out or reduce to zero the balances in the temporary capital accounts and then transfer the net income or loss to the capital account
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
Prepared to make sure the total debits are equal to the total credits in the general ledger after the closing entries have been posted.
Closing Entry
Post-Closing Trial Balance
Capital Account
Compound Entry
Credit
Permanent
Debit
Income Summary
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