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This document outlines the periodic inventory system for a business. It includes account listings with debits and credits for items like cash, inventory, expenses. It also includes financial statements like the trial balance, statement of income, statement of financial position, and statement of cash flows. Closing entries are made at the end of the accounting period to reset revenue and expense accounts.
This document outlines the periodic inventory system for a business. It includes account listings with debits and credits for items like cash, inventory, expenses. It also includes financial statements like the trial balance, statement of income, statement of financial position, and statement of cash flows. Closing entries are made at the end of the accounting period to reset revenue and expense accounts.
This document outlines the periodic inventory system for a business. It includes account listings with debits and credits for items like cash, inventory, expenses. It also includes financial statements like the trial balance, statement of income, statement of financial position, and statement of cash flows. Closing entries are made at the end of the accounting period to reset revenue and expense accounts.