On a separate sheet of paper, write a brief definition for each of the following terms. closing
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On a separate sheet of paper, write a brief definition for each of the following terms.
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closing entries compound entry Income Summary account post-closing trial balance
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Closing entries are journal entries made at the end of an accounting peri...View the full answer
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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