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adjusting entries

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 entries

journal entries 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

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