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What is the purpose of closing journal entries?
A closing entry is used in accounting. The purpose of a closing entry is to transfer data from the temporary accounts to the permanent data sheet. [ The closing entry is to bring the temporary account journal balance to 0. ]
Expert answered|Makata|Points 0|
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Asked 1/8/2014 6:57:26 PM
Updated 1/8/2014 9:01:41 PM
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Confirmed by debnjerry [1/8/2014 9:01:41 PM]
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define what is the accounting cycle in accounting?
Weegy: Accounting cycle - An accounting information system is a system of collection, storage and processing of financial and accounting data that is used by decision makers. (More)
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Updated 1/10/2014 12:41:53 PM
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The accounting cycle is:
recording in the journal, posting to the ledger, preparing a trial balance, preparing the financial statements and closing the books.

Added 1/10/2014 12:41:46 PM
This answer has been confirmed as correct and helpful.
define the accounting cycle?
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Updated 1/10/2014 5:07:19 AM
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Accounting cycle is the sequence of steps in preparing the financial statements for a given period.
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what are assets?
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Updated 2/5/2014 11:43:48 AM
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An asset is an economic resource that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.

Added 2/5/2014 11:43:48 AM
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what is the definition of GAAP?
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Updated 1/9/2014 12:42:09 PM
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describe the accounting cycle.
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Updated 1/9/2014 12:37:52 PM
1 Answer/Comment
The eight steps in the accounting cycle are: transactions, journal entries, posting, trial balance, worksheet, adjusting journal entries, financial statements, and closing the books. If you work in accounting, you complete your work by following the steps in the accounting cycle.
Added 1/9/2014 12:37:52 PM
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