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Unformatted text preview: rim statements
Adjusting entries easily reflected
Facilitates closing journal preparation 5 6 THE CLOSING PROCESS RECORDING ADJUSTING ENTRIES
• From worksheet formal adjusting entries may be entered in general journal
• Entries are dated the last day of the accounting period
• Data for determining the entity’s closing entries for the period are found in income statement columns of worksheet which contain temporary income and expense accounts
7 1. Income accounts closed to P or L summary
– Debit income
– Credit P or L summary 2. Expense accou...
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- Spring '14