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Unformatted text preview: reversing entry at the beginning of the next accounting period; this entry is the exact opposite of the adjusting entry made in the previous period. Steps 1–3 may occur daily during the accounting period, as explained in Chapter 3 . Companies perform Steps 4–7 on a periodic basis, such as monthly, quarterly, or annually. Steps 8 and 9, closing entries and a post-closing trial balance, usually take place only at the end of a company's annual accounting period....
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This document was uploaded on 11/03/2011 for the course ACCOUNTING ac 201 at Montgomery.
- Spring '11
- Trial Balance