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Describe the purpose of the income summary account

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Reference no: EM132000204

Questions - Answer each of the following questions in your own words.

Question 1: Explain fully the purpose of a worksheet. (What is it? How does it work? Who sees it? How does it help the accountant?)

Question 2: Describe the purpose of the Income Summary account and identify the types of summary data that may be posted to this account.

Question 3: What is the purpose and what is the content of a post-closing trial balance?

Question 4: How do correcting entries differ from adjusting entries?

Question 5: Identify and define the four classifications of Assets that a company might show on a Balance Sheet.

Reference no: EM132000204

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