What is the purpose of closing entries? Consider the consequence of forgetting to make closing entries.

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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Question Posted: Oct 21, 2014 02:15 AM

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What is the purpose of closing entries? Consider the consequence of forgetting to make closing entries.

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The purpose of closing entries is to close out the temporaryequity or n...View the full answer

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