Businesses may ensure the correctness and reliability of their End of Month process by taking the procedures necessary to ensure accuracy and completeness. Businesses must ensure that all financial documents are up to date and correctly structured to execute an accurate End of Month process. It involves keeping track of …
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The income summary account is a temporary account solely for posting entries during the closing process. It is a holding account for revenues and expenses before they are transferred to the retained earnings account. The expense accounts have debit balances so to get rid of their balances we will do …
