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Which closing entries reduce the type of accounts

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Reference no: EM133007116

Problem 1: Some entities adjust their accounts and close their books only on an annual basis. For these firms,

a. worksheets may be prepared on an interim basis.

b. worksheets are not needed.

c. worksheets are prepared only on an annual basis.

d. worksheets are not prepared.

Problem 2: Closing entries reduce the following type of accounts to a zero balance at the end of the period.

a. income and expenses

b. income summary

c. withdrawals

d. all of the above

Reference no: EM133007116

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