Question: Q1 Record closing journal entries that zero out temporary accounts
Q1. Record closing journal entries that zero out temporary accounts. Temporary accounts include all income statement accounts and dividends. These need to be zeroed out or closed so that, at the beginning of the year, new amounts for that year can accumulated.
Q2. After posting closing entries compute the ending balances, recording as a debit or credit balance in the General Ledger on Page 241.
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