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Accounting 1 Chapter 8

STUDY
PLAY
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