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23 August, 04:39

What are the 4 steps of the closing process for a merchandising company?

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  1. 23 August, 05:00
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    The four steps of the closing process for merchandising company are:

    1) Close revenue account to income summary

    2) Close expense account to income summary

    3) Close income summary to retained earnings

    4) Close dividends to retained earnings

    These steps are important to making sure the businesses finances are accurately recorded.
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