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what is closing entry for 1. interest received account 2. advertisement expense account 3. salary account 4. dividend received account 5. purchase account 6. sales account |
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Answer» A closing entry is a JOURNAL entry made at the end of the accounting period. It involves shifting data from temporary ACCOUNTS on the income STATEMENT to PERMANENT accounts on the BALANCE sheet.All income statement balances are eventually transferred to retained earnings. |
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