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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.
What is the difference between financial statements prepared from the expanded accounting equation and those prepared from a trial balance?k question #Minimum 100 words accepted#
What is the Fair labor standard act Fair labor standard act (Wages and Hours Law) establishes standards for minimum wages, child labor, overtime pay, required payroll record
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