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1) History closing entries in the general journal. Notice which the small business isn't going to utilize a Expense of Income account so all accounts that are used to estimate expense of product sales must be closed on to the Financial gain and Loss Summary account.
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You are actually instructed to report to document transactions that occurred through the 2nd 7 days of June into the organization's publications. The 7 days 2 transactions are detailed beneath:
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2) Post entries recorded n the journals to the suitable ledger accounts according to the firm's accounting guidelines and methods.
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