Closing Entry

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Definitions
Closed Account
Closed Account Bank Account Charge Account General Ledger Closing Entry
A closed account refers to either a bank or charge account that has been terminated or an accounting ledger that has been closed off at the end of a financial period.
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Definitions
Closing Entry
Closing Entry Accounting Year-End Process Temporary Accounts Financial Statements Bookkeeping General Ledger
In accounting, a closing entry is one of the final entries made at year-end to close accounts and transfer the amounts to financial statements, ensuring all temporary accounts are reset for the next accounting period.
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