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How to Post Closing Entries to General Ledger Accounts at Income511.com

Whether you're a seasoned investor, an entrepreneur looking for an edge or just a person looking for a new way to save, you can find the information you need on Income511.com. Here you'll find an assortment of articles on investing, starting a business, running a business, and other topics. You'll also find information on how to use a smart wallet, a prepaid mastercard, and even how to post closing entries to your general ledger accounts.

Posting closing entries to the general ledger accounts

During the year, a company will have a closing entry prepared by a subject matter expert. This entry will contain information related to the company's income closing balances and depreciation. The entry will also include advertising expenses. This entry will be entered in a journal and will be posted to the general ledger accounts. This is done so that the company can keep track of its financial performance throughout the year.

For example, the company's accounting records will show that the company had a closing entry prepared for the year ended December 31st. The entry will contain the balances on the following accounts: 131 prepaid rent, 111 accounts receivable, 121 supplies, 101 cash, and 141 equipment. It should also include the balance of the Salaries Expense account.

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