iSODREW5586 iSODREW5586
  • 03-10-2017
  • Social Studies
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There are two closing entries. the first one is to close _____; the second one is to close _____.

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andriansp andriansp
  • 10-10-2017
i believe the answer is revenue; expense
Revenue and expense in accounting should be separated from each years of operations (because it is only a temporary account). Which means, that everytime a company enter a new operating year, all the expense and revenue from last year must be closed to avoid confusion.
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