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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.
paid rent $200 by cash
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
base-case NPV
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