Asked by Peyton Howard on Mar 10, 2024

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There are 7 closing entries.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.

  • Comprehend the purpose and procedure of closing entries in the accounting cycle.
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MB
Marquis Bruton

Mar 10, 2024

Final Answer :
False
Explanation :
Typically, there are four main types of closing entries in accounting: closing revenue accounts, closing expense accounts, closing income summary account, and closing dividends or withdrawals accounts.