Asked by Angela Trevino on Jun 17, 2024
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Closing entries are required at the end of each accounting period to close all ledger accounts.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, facilitating the start of a new accounting period.
Accounting Period
A specific period of time for which financial statements are prepared, often a year or a quarter.
Ledger Accounts
Detailed financial records maintained within the ledger, tracking transactions related to specific assets, liabilities, equity, income, and expenses.
- Acquire an understanding of the significance and execution processes of adjusting and closing entries within the accounting cycle.
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Learning Objectives
- Acquire an understanding of the significance and execution processes of adjusting and closing entries within the accounting cycle.
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