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Closing Entries Examples And Solutions. Since we are reporting sales and expenses for January, for example, February sales and expenses should start with a zero balance to properly. Without proper journal entries, companies' financial statements would be inaccurate and a complete mess.
Our example is a sole proprietorship business.
Describe the post closing trial balance.
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Prepare the closing entries. Use J14 for the journal page.
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Prepare the closing entries. Use J14 for the journal page.
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Transfer the balance of the revenue account to l Since expense accounts have debit balances, enter a credit in each account to reduce its balance to zero. l This closing entry transfers total expenses to. Closing entries, also called closing journal entries, are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. For this reason, these types of accounts are called temporary or nominal accounts.