1.
Closing entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.
Post-Closing
Formula:
To Prepare: The closing entries for Company MBA at December 31, 2018.
2.
To Prepare: A post-closing trial balance.
3.
To calculate: Current ratio for Company MBA.
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Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
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