1) Report closing entries in the final journal. Note the small business doesn't use a Cost of Sales account so all accounts which have been utilized to estimate price of revenue need to be shut straight to the Earnings and Loss Summary account.
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Sage 50: This computer software was previously known as Peachtree. Sage 50 can be an accounting computer software that helps the students to acquire practical understanding of Accounting using the Sage 50 accounting software program package. Students are created to develop every one of the accounting course of action for a fictional business for just a duration of one month.
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