Business, 21.09.2021 14:00 jayjayw64

Explain what the closing entries accomplish and why they are necessary. The closing entries set the balance of each revenue, expense, and dividend account ▼ . We must close these accounts because ▼ the company has an obligation to provide a product or service in the future. their balances relate only to one accounting period. these accounts are all permanent accounts. Requirement 2. Post the closing entries to Retained Earnings and compare Retained Earnings' ending balance with the amount reported on the balance sheet. The two amounts should be the same. Post each entry using the appropriate closing entry label. Calculate the balance and enter the balance on the correct side of the account along with the "Bal" label.

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Explain what the closing entries accomplish and why they are necessary. The closing entries set the...