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Unformatted text preview: B/S and I/S) II Closing entries };o After statements are prepared, close all revenue and expense accounts, as well as dividends into retained earnings > Do this so you can start them over fOT the next year since income statement is for a period of time Balance sheets accounts are never closed Income statement accounts are called temporary, Balance sheet acct are called permanent. 12 Ch"p_. ClLop.4--------- The Complete Accounting Cycle Analyze transactions ,. Prepare and pestjournal entries ,. Unadjusted trial balance ,. Prepare and post adjusting entries ,. Adjusted trial balance ,. Prepare financial statements ,. . Prepare and post closing entries ,. Post-closing trial balance 13...
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