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2 March, 15:45

Explain what 'closing the ledger' means

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  1. 2 March, 16:59
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    The purpose of the closing entry is to reset the temporary account balances to zero on the general ledger, the record-keeping system for a company's financial data ... All revenue and expense accounts must end with a $0 balance because they are reported in defined periods and are not carried over into the future.
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