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Adjusting Enteries Journal entries recorded to update general ledger accounts at the end of a fiscal period Permanent Accounts Accounts used to accumulate information from one fiscal period to the next Closing Enteries Journal enteries used to prepare temporary accounts for a new fiscal period Temporary Accounts Accounts used to accumulate information until it is transferred to the owner's capital accounts Post-closing Trial Balance A trial balance prepared after the closing entries are posted Accounting Cycle The series of accounting activities included in recording financial information for a fiscal period