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Adjusting/Closing Entries

100

Journal entries recorded to update general ledger accounts at the end of a fiscal period

What is adjusting entires?

The Accounting Cycle

100

series of accounting activities included in recording in recording financial information for a fiscal period

What is the accounting cylce?

200

1. Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts 2. Transactions, from information on source documents, are recorded in a jopurnal. 3. Journal entries are posted to the general ledger.

What is the first three steps of the accounting cycle?