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On other post of mine (Basic Accounting Cycle in 9 Steps), I briefly discuss the accounting cycle in nine steps, without example. Now, through this post,...
Accounting records are kept on the accrual basis, except in the case of very small businesses. To accrue means to collect or accumulate. This means that...
Closing entries are used to close out (or bring the balance to $0) temporary accounts (nominal accounts) to Retained Earnings. Basically, closing entries are journal entries...