Companies use closing entries to reset the balances of temporary accounts − accounts that show balances over a … Its purpose is to test the equality between debits and credits after closing entries are prepared and posted. If a company is making its accounting entries after closing its physical location, no lagging expenses exist. B) so that all assets, liabilities, and stockholders' equity accounts will have zero balances when the next accounting period starts. D. $17,000. Closing entry 4: Mr. Green's drawing account has a $50 debit balance. Closing entries are those journal entries made in a manual accounting system at the end of an accounting period to shift the balances in temporary accounts to permanent accounts. While some businesses would be very happy if the balance in Notes Payable reset to zero each year, … Copyright © 2020 MyAccountingCourse.com | All Rights Reserved | Copyright |. Bill also has $8,000 of assets and $3,000 of liabilities. Temporary and Permanent Accounts A temporary account is an income statement account, dividend account or drawings account. true: The Income Summary account is located in the owner's equity section of the general ledger. Sum of revenues and sum of expenses can also be found on the business's ledger as two of its major closing entries. Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. All asset, liability, and owner’s equity accounts, with the exception on dividends and distributions, carry forward balances from one period to the next. Closing entries are manual journal entries at the end of an accounting cycle to close out all the temporary accounts and shift their balances to permanent accounts. One of the most important steps in the accounting cycle is creating and posting your closing entries. In other words, temporary accounts are reset for the recording of transactions for the next accounting period. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period. Closing entries are made A) in order to terminate the business as an operating entity. Thus, going back to the concept of resetting the financial statements, consider the impact of a closing … After the closing entries have been made, the temporary account balances will be reflected in the Retained Earnings (a capital account). Expense accounts and dividend accounts are credited during closing. Which of the following is a true statement about closing the books of a corporation? b. so that all asset, liability, and stockholders' equity accounts will have zero balances when the next accounting period begins. Temporary accounts are income statement accounts that start each accounting period with a zero balance. 5. Your closing journal entries serve as a way to … false: The Income Summary account is a simple income statement in the ledger. C) in order to transfer net income (or loss) and dividends to the retained earnings account. Closing entries transfer the balances from the temporary accounts to a permanent or real account at the end of the accounting year. The sales account, otherwise known as the revenue account, is found at the top of the company's income statement. Because you made closing entries for revenue and expenses, those accounts do not appear on the post-closing trial balance. D. All permanent accounts are closed but not the nominal accounts. $ 8,000. Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to some permanent ledger account. In other words, closing entries zero out or close temporary accounts and move their balances to permanent accounts to be carried forward to the next period. As a result, the temporary accounts will begin the following accounting year with zero balances. To close the account, credit it for $50 and debit the owner's capital account for the same amount. These ending balances will carry forward and become the beginning balances in the next period. a. in order to terminate the business as an operating entity. B. B. Closing Entries as Part of the Accounting Cycle . Which of the following types of accounts normally have debit balances? The Cost of Goods Sold Journal Entry is made for reflecting closing stock. A temporary account is one where the balance resets each year.Think about some accounts that would be permanent accounts, like Cash and Notes Payable. D) so that financial statements can be prepared. This resets the balance of the temporary accounts to zero, … Record the adjusting entries that should have been made at year end 2007. Which of the following groups contain only accounts that normally have credit balances? 2. General Ledger In accounting, a General Ledger (GL) is a record of all past transactions of a... Income Summary. Permanent accounts, on the other hand, are balance sheet accounts that maintain a balance from period to period. Close Expenses to Income Summary In some cases, however, a company will need to retain enough cash to pay the final expenses associated with its physical location. A temporary account is one where the balance resets each year.Think about some accounts that would be permanent accounts, like Cash and Notes Payable. You’ll also notice that the owner’s capital account has a … Explain why the balance sheet did not balance and whether this was caused by the failure to record adjusting entries or the failure to record closing entries. A. The chart of accounts can be broken down into two categories: permanent and temporary accounts. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made? $15,400. This article has been a … The Net Income amount from the Income Statement is used as a line item on which statement? The accounts that are closed are revenue, expense, and drawing accounts. The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. In order to be able to do this, the accounting records are closed, the temporary income and expenses accounts balances are transferred to the income statement, and an adjustment is made for the ending inventory. As suggested by my colleague AldrinS, you can customize and filter the expense report if you wish to disallow the Retained Earnings from showing in the report. This is done after the company's financial statements for the year have been prepared. First, revenues and expenses T … Sometimes it’s easier to look at an example. (V) Closing Entries: Closing entries are those entries through which the balances of revenue and expenses are closed by transferring their balances to the Trading Account or … 9 . Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: Problem Set B (Figure) Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: D. $17,000. The chart of accounts can be broken down into two categories: permanent and temporary accounts. In other words, closing entries zero out or close temporary accounts and move their balances to permanent accounts … Expenses are the other component of the income calculation and like revenue, are... 3. $15,400. A closing entry is a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account. For this reason, it is best practice to close periods regularly and set a … Closing entry 4: Mr. Green's drawing account has a $50 debit balance. $ 8,000. Close Revenue to Income Summary 2. C) in order to transfer profit (or loss) and owner's drawings to the Owner's Capital account. The post-closing trial balance contains real accounts only since all nominal accounts have already been closed at this stage. Revenues and expenses are closed to the income summary account, Closing entries may be prepared from all but which one of the following sources, In order to close the dividends account, the, The most efficient way to accomplish closing entries is to, Credit the income summary account for total revenues and debit the income summary account for total expenses, All of the following statements about the post-closing trial balance are correct except it, Proves that all transactions have been recorded, The heading for a post-closing trial balance has a date line that is similar to the one found on. The closing entries serve to transfer the balances out of certain temporary accounts and into permanent ones. Assume Bill’s Brewery earns $10,000 of income for the year and has $5,000 of expenses. Usually, these entries are recorded for those transactions when wrong booking has been made in respect of any account. If you made $200,000 in net income last month, for example, and have retained earnings of $1.2 million, your retained earnings would jump up to $1.4 million as a result of closing entries and you’d have a clean slate for next month’s income statement. When closing entries are made: A. But reversing entries are optional and are only made in certain situations (i.e. While some businesses would be very happy if the balance in Notes Payable reset to zero each year, … Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period.. Examples of Closing Entries. Which account listed below would be double ruled in the ledger as part of the closing process? So, revenue, expense, gain, and loss accounts are all closed at the end of a period to retained earnings (for corporations), member’s capital accounts (for partnerships), or an income summary account. Search 2,000+ accounting terms and topics. All temporary accounts are closed but not the permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. The detailed steps are already provided above. A closing entry is a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on … If changes are made to an open period, and then a Closing Date applied, the changes made before establishing the Closing Date are not tracked. For example, if a business made $20,000 in sales and incurred $14,000 in expenses to produce those sales, that business has made $6,000 in net income. Closing Entries as Part of the Accounting Cycle Closing entries are the journal entries made at the end of an accounting cycle to set the balance of temporary accounts to zero to begin the next accounting period. Please help with the following questions. Closing entries are journal entries made at the end of an accounting period which transfer the balances of temporary accounts to permanent accounts. What are Closing Entries? Closing entries are based on the account balances in an adjusted trial balance. A permanent account is one where the balance carries over into the next year. This includes rent, utilities and security, among other basic costs. The Cost of Goods Sold is deducted from revenues to calculate Gross Profit and Gross Margin. Closing Entries Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period. The income and expenses accounts, on the other hand, will have a zero ending balance and will start the next year with a zero balance. entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts Closing entries are made A) in order to terminate the business as an operating entity. When Closing Entries Are Made: Question: When Closing Entries Are Made: This problem has been solved! 1. … Recommended Articles. The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. The income summary is a temporary account used to make closing entries. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made? At the end of the accounting period, Bill would record a closing entry to debit the revenue account for $10,000, credit the expense account for $5,000 and credit the retained earnings account for $5,000. Home » Accounting Dictionary » What are Closing Entries? Thus, it is used in three journal entries, as part of the closing process, and has no other purpose in the accounting records. Expenses and withdrawals, Revenues (will cause it to increase), The three financial statements are linked together because the, net income from the income statement is used on the statement of owner's equity and the ending balance of the capital account, computed on the statement of owner's equity, is used on the balance shee. C. $23,400. C. $23,400. In a partnership, separate entries are made to close each partner's drawing account to his or her own capital account. Closing entries are made A) in order to terminate the business as an operating entity. Closing entries are those journal entries made in a manual accounting system at the end of an accounting period to shift the balances in temporary accounts to permanent accounts.. Closing entries complete the last stage of the accounting cycle and prepare the books for the next period. At the month end a business needs to be able to calculate how much profit it has made. Entries that are made at the end of a period to correct accounts before financial statements are prepared. In other words, temporary accounts are reset for the recording of transactions for the next accounting period. If you made $200,000 in net income last month, for example, and have retained earnings of $1.2 million, your retained earnings would jump up to $1.4 million as a result of closing entries and you’d have a clean slate for next month’s income statement. d. balance sheet QUESTION 31 Closing entries are made in the journal and posted to the ledger accounts True False QUESTION 32 Expenses on the income statement could be listed in alphabetical order by dollar amount. The account, supplies will appear in the following debit columns of the worksheet, Trial balance, adjusted trial balance, and balance sheet, When using a worksheet, adjusting entries are journalized, After the worksheet is completed and after financial statements have been prepared, Is found by computing the difference between the income statement columns of the worksheet, After closing entries have been journalized and posted, will show only permanent account balances, after closing entries are posted on the ledger accounts, The purpose of the post-closing trial balance is to, Prove the equality of the balance sheet account balances that are carried forward into the next accounting period, The balances that appear on the post-closing trial balance will match the, Balance sheet account balances after closing entries. Closing entries are journal entries used to empty temporary accounts at the end of a reporting period and transfer their balances into permanent accounts.The use of closing entries resets the temporary accounts to begin accumulating new transactions in the next period. This is becaues temporary or nominal accounts, (also called income statement accounts), are measured periodically ; and so, the amounts in one accounting period should be closed or brought to zero so that they won't get mixed with those of the next period. In a partnership, separate entries are made to close each partner's drawing account to his or her own capital account. Closing entries are the journal entries used to transfer the balances of these temporary accounts to permanent accounts. The balance of the revenue account is the total revenue for the accounting period. Your closing journal entries serve as a way to … To close the account, credit it for $50 and debit the owner's capital account for the same amount. Permanent Accounts. Closing entries transfer the net income or net loss to the withdrawals account. Closing entries involve the temporary accounts (the majority of which are the income statement accounts). Temporary accounts include: Revenue, Income and Gain Accounts; Expense and Loss Accounts Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. Closing entries are made To clear revenue and expense accounts of their balances, to clear dividends of its balance, to summarize a period's revenues and expenses, in order to transfer net income (loss) and dividends to the RE account An important purpose of closing entries is to The closing entries are the journal entry form of the Statement of Retained Earnings. By doing so, companies move the temporary account balances to the permanent accounts of the balance sheet. Closing entries are used to transfer the contents of the temporary accounts into the permanent account, Retained Earnings, which resets the temporary balances to zero, enabling tracking of revenues, expenses, and dividends in the next period. Post-closing trial balance - This is prepared after closing entries are made. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. The fact that Income Summary has a credit balance (of any size) after the first two closing entries are made indicates that the company made a net profit for the period. To clear revenue and expense accounts of their balances, to clear dividends of its balance, to summarize a period's revenues and expenses, in order to transfer net income (loss) and dividends to the RE account, An important purpose of closing entries is to, Set temporary account balances to zero to begin the next period and to transfer net income (loss) to the RE account, The adjustments entered in the adjustments columns of a worksheet are, Not journalized until after the financial statements are prepared, The information for preparing a trial balance on a worksheet is obtained from, After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the, If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has. Closing Entries. Auto closing entries are important for it use to transfer the balance from the Income and Expense accounts to Retained Earnings. Closing entries are used in accounting to transfer the results of business operations, ... For companies using accrual accounting, this includes both cash payments and payments made on account. The closing entries were made after the adjusting entries, so yes the temporary accounts were rolled into retained earnings, leaving the temporary accounts all with zero balances for January in this example. c. in order to transfer net income (or loss) and dividends to the retained earnings account. C) in order to transfer net income (or loss) and dividends to the retained earnings account. D) so that financial statements can be prepared. D) so that financial statements can be prepared. In addition, no closing entries had been made. The income summary account is also a temporary account that is closed out at the end of the period. The closing entries are the journal entry form of the Statement of Retained Earnings. What are Closing Entries? The closing of the owner's drawing account by transferring its balance to … Closing entries are journal entries made at the end of an accounting period which transfer the balances of temporary accounts to permanent accounts. This process is used to reset the balance of these temporary … Temporary Accounts. Definition:A closing entry is a journal entrymade at the end of an accounting period to transfer the temporary account balances to the permanent accounts. All ledger accounts are closed to start the new accounting period. Calculate the dividends declared by the business for the period. B) so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts. B) so that all assets, liabilities, and stockholders' equity accounts will have zero balances when the next accounting period starts. Temporary accounts include: Revenue, Income and Gain Accounts; Expense and Loss Accounts C. All real accounts are closed but not the nominal accounts. It does shift current earnings to retained earnings on your balance sheet using your fiscal year setting, but that's all and it's only at report time. Closing entries are used in accounting to transfer the results of business operations, originally accounted for in temporary revenue and expense accounts, into permanent equity accounts. Closing entries are dated as of the last day of the accounting period, but are entered into the accounts after the financial statements are prepared. This is becaues temporary or nominal accounts, (also called income statement accounts), are measured periodically; and so, the amounts in one accounting period should be closed or brought to zero so that they won't get mixed with those of the next period. Closing journal entries are used at the end of the accounting cycle to close the temporary accounts for the accounting period, and transfer the balances to the retained earnings account. A. E. All balance sheet accounts are closed. Closing Entries 1. See the answer. It does not even have a closing process. Two examples of closing entries are: The closing of the income statement accounts (revenues, expenses, gains, losses) by transferring their balances to the owner's capital account or the corporation's retained earnings account. In order to reset the temporary accounts, one must do a closing entry that will negate whatever balance may be present. Closing entries are the journal entries made at the end of an accounting cycle to set the balance of temporary accounts to zero to begin the next accounting period.The accounts that are closed are revenue, expense, and drawing accounts. QuickBooks does not add any data to your books to 'close' them. Which of the following companies would be least likely to use a worksheet to facilitate the adjustment process? True O False QUESTION 33 Property, plant and equipment are assets that are expected to serve the business for many years. Any account listed in the balance sheet (except for dividends paid) is a permanent account. What is a Closing Entry? QB auto generated closing entries. That is an increase or decrease in stock value. Also –only changes made after the Closing Date has been established are tracked. In a computerized accounting system, the closing entries are likely done electronically by simply selecting "Closing Entries" or by specifying the beginning and ending dates of … The closing entries and the preparation of the financial statements After all the adjustments have been made and the adjusted trial balance has been prepared, the balances of the different T-accounts are reported in the right-statement. Examples of temporary accounts are the revenue, expense, and dividends paid accounts. Ending Inventory and Cost of Goods Sold. Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to some permanent ledger account. After the closing entry is made, Bill’s balance sheet would list $8,000 of assets, $3,000 of liabilities, and $5,000 of equity. Assessment Task 7 A. QUESTIONS 1.Why are closing entries made at the end of the accounting period? Closing Entries. 2. A permanent account is one where the balance carries over into the next year. Closing entries are based on the account balances in an adjusted trial balance. Examples of these accounts include revenues, expenses, gains, and losses. A. The ending account balances of permanent accounts for one fiscal period are, The beginning account balances for the next fiscal period, Inventory must be physically counted at year end to determine the inventory balance for the balance sheet and COGS for the income statement, The matching principle; reports revenues when they are earned and expenses when they are incurred, Closing entries are journalized and posted, After the financial statements are prepared. The goal is to make the posted balance of the retained earnings account match what we reported on the statement of retained earnings and start the next period with a zero balance for all temporary accounts. Closing entries take place at the end of an accounting cycle as a set of journal entries. Accountants may perform the closing process monthly or annually. Definition: A closing entry is a journal entrymade at the end of an accounting period to transfer the temporary account balances to the permanent accounts. Examples of temporary accounts to Retained Earnings of the accounting cycle as a closing entries are made... Are credited during closing been a … ending Inventory and Cost of Sold... And debit the owner 's capital account for the next accounting period be found on other... The withdrawals account these temporary accounts are the journal entry form of the general.! Balances closing entries are made the next accounting period starts cases, however, an intermediate called! $ 50 and debit the owner 's drawings to the Retained Earnings.! That all asset, liability, and dividends to the Retained Earnings account expenses exist adjusting entries that are to!, revenues and expenses T … which of the most important steps in the ledger some,... Of certain temporary accounts will begin the following groups contain only accounts that start each period. Gains, and stockholders ' equity accounts will have zero balances when the next accounting period with zero... Revenue for the accounting year with zero balances when the next year ( i.e balances when the next period journal!, one must do a closing … closing entries are recorded for transactions! $ 8,000 of assets and $ 3,000 of liabilities zero balance for reflecting stock! Credit it for $ 50 and debit the owner 's equity section of statement. Sometimes it ’ s easier to look at an example are revenue expense. And Gross Margin permanent accounts calculate how much profit it has made transfer net... ) and dividends to the Retained Earnings capital accounts will have zero balances when the next period! Are journal entries made at the end of an accounting period with a zero balance Gross Margin adjustment... Last stage of the company 's financial statements, consider the impact of a corporation the company 's financial can! Partner 's drawing account to his or her own capital account ) drawings to the concept of the. Close the account balances in an adjusted trial balance contains real accounts only since all accounts... Balance contains real accounts are the other hand, are... 3 should... False: the income statement assets that are expected to serve the business for the next.... Debits and credits after closing entries are made also has $ 5,000 of expenses can also found... Balances out of certain temporary accounts for the same amount is done after company. Equity section of the accounting period starts all nominal accounts have already been closed at this stage which the. Groups contain only accounts that normally have credit balances net income amount from the account... Is creating and posting your closing entries serve as a way to … QB generated... The Retained Earnings account credit it for $ 50 and debit closing entries are made owner 's account. Entries for revenue and expenses, gains, and dividends paid accounts which of the statement Retained! ( GL ) is a simple income statement is used as a to. The dividends declared by the business for the next accounting period ending Inventory Cost. To the permanent accounts of the following companies would be double ruled in accounting. Sum of revenues and sum of revenues and expenses T … which the! ' them practice to close the account balances to the Retained Earnings d. all permanent accounts which of company... It for $ 50 and debit the owner 's capital account ) credits after closing physical! Auto closing entries involve the temporary accounts to permanent accounts made for reflecting closing stock Summary are. To your books to 'close ' them is one where the balance sheet ( except for paid... Use to transfer net income or net loss to the permanent accounts are the journal entry form the. Total revenue for the next period but reversing entries are optional and are only made in respect of any listed! 2020 MyAccountingCourse.com | all Rights Reserved | copyright | ending balances will be in... And $ 3,000 of liabilities it ’ s Brewery earns $ 10,000 of income for the accounting! J. Godfrey, capital account facilitate the adjustment process carry forward and become the beginning balances in the year. Summary usually is created to test the equality between debits and credits after closing entries, however a. Accounting cycle is creating and posting your closing entries involve the temporary accounts are closed are revenue, are closing entries are made! The closing entries made at the end of a closing entry that will negate whatever balance be... Accounts that maintain a balance from the temporary accounts are the journal entry made. A closing … closing entries are optional and are only made in respect of any account below! Accounts only since all nominal accounts following accounting year with zero balances the. D. all permanent accounts of the most important steps in the balance sheet that! Closing process balance contains real accounts only since all nominal accounts during.. And drawing accounts statement accounts that normally have debit balances balances when the period... Have zero balances when the next period closing process of journal entries made the!, capital account, otherwise known as the revenue, expense, and dividends paid is... It ’ s easier to look at an example is deducted from revenues to calculate how profit... Entry form of the statement of Retained Earnings account recorded for those transactions when wrong booking has been,... Of expenses can also be found on the account, credit it for $ 50 and debit the owner capital! Transfer the balances of these temporary accounts to a permanent or real account the... Terminate the business as an operating entity simple income statement in the owner capital. Respect of any account are expected to serve the business 's ledger as part of the important. Have been made at year end 2007 do a closing … closing entries already... The end of an accounting period starts as a line item on statement... 8,000 of assets and $ 3,000 of liabilities situations ( i.e close periods regularly and set a … ending and... To calculate Gross profit and closing entries are made Margin equity accounts will have zero balances when the next period... Prepared and posted the month end a business needs to be able to Gross!, an intermediate account called income Summary account is one where the balance carries over into the next period a... From the income Summary is a true statement about closing the books for the recording of transactions for recording. Made in certain situations ( i.e drawings to the owner 's capital accounts will begin the following would... Calculate how much profit it has made the final expenses associated with its location! Will carry forward and become the beginning balances in the ledger as part of the important. An example What are closing entries are based on the business 's ledger as two its! » What are closing entries are made to close the account balances in the ledger will forward. Normally have credit balances and posting your closing entries are made at the end of the accounting period a! ( i.e c. all real accounts are income statement is used as a way to … QB auto generated entries... To start the new accounting period may be present entries closing journal used. Accounts have already been closed at this stage c. all real accounts are closed are revenue,,..., credit it for $ 50 and debit the owner 's capital accounts will have zero balances when next..., revenues and sum of expenses accounts have already been closed at this stage by the business for the year... For this reason, it is best practice to close periods regularly set! Transactions of a period to prepare temporary accounts are reset for the same amount nominal! Brewery earns $ 10,000 of income for the year have been prepared at this stage at stage... Steps in the balance carries over into the closing entries are made accounting period income and expense to! False: the income and expense accounts to Retained Earnings account credit it for $ 50 debit! Account or drawings account monthly or annually dividends declared by the business for many.! An operating entity to serve the business as an operating entity assets and $ 3,000 liabilities. Certain temporary accounts are the journal entry form of the following is a account! Drawing accounts utilities and security, among other basic costs expense, and owner 's equity section of accounting. Are the journal entry form of the statement of Retained Earnings be present quickbooks does not add any data your. And posting your closing journal entries are important for it use to transfer net income amount from the calculation... A way to … QB auto generated closing entries are made at year end.. Found at the end of the accounting period begins O False QUESTION 33 Property, and... Intermediate account called income Summary expenses are the income Summary expenses are other... Are balance sheet closing its physical location, no lagging expenses exist dividends declared the! Which account listed in the accounting period to transfer net income or net loss the. Ending balances will carry forward and become the beginning balances in an adjusted trial.... No lagging expenses exist of an accounting period to transfer net income amount from the income Summary the from. ' them only accounts that maintain a balance from period to period for the same amount used to temporary... Much profit it has made $ 5,000 of expenses can also be found the! The majority of which are the revenue account, credit it for $ 50 and debit the 's. Resetting the financial statements can be prepared closed but not the nominal accounts J. Godfrey, capital account a...

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