Posting closing entrieswhen closing entries are entered in, Ask an Expert

Accounting

Posting closing entries

When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be at the beginning of these entries so that an explanation isn't required for every closing entry.

After entries have been posted, permanent accounts would show correct amount. The temporary accounts would have a zero balance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583318

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