UC
ECON 006B -
Closing Entries
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7 Closing Entries To reduce the balance of the income statement revenue and expense accounts to zero To transfer net income or net loss to equity Statement of financial position asset liability and equity accounts are not closed Dividends are closed directly to the Retained Earnings account Slide 3 79 LO 7 Prepare closing entries 7 Closing Entries Illustration 3 36 Slide 3 80 LO 7 7 Closing Entries Illustration 3 37 Slide 3 81 LO 7
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