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Audit Your Understanding
• When adjusting entries are journalized, why is no source document recorded?
• Because the heading Adjusting Entries is recorded in the account title column to explain all of the adjusting entries that follow
Audit Your Understanding
Where is the information obtained from for journalizing closing entries for revenue, cost, and expenses?
• (1) Income statement and balance sheet columns of the worksheet
What is the name of the temporary account that is used to summarize the closing entries for revenue, cost, and expenses?
• Income Summary
Audit Your Understanding
Which accounts are listed on a post-closing trial balance?
• Only the general ledger accounts with balances
What is the purpose of preparing a post-closing trial balance?
• To prove the equality of debits and credits in the general ledger after posting the adjusting and closing entries
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