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Which of procedures would be classified as closing procedure

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Reference no: EM132690290

Problem 1: Which of the following procedures would be classified as a closing procedure? (Several choices may be correct.)

Option 1: Recording cash received for sale of merchandise

Option 2: Calculating depreciation on machinery

Option 3: Recording payment of a supplier's invoice

Option 4: Adjusting the prepaid insurance account for insurance coverage used

Option 5: Accruing for interest earned but not yet recorded

Reference no: EM132690290

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