The clearing account used to close the temporary accounts and which will also be closed before the finish of the accounting cycle is d. income summary.
The clearing account definition is that it's a brief account containing prices or amounts to be transferred to another account. Clearing debts are regularly known as a wash account or cash clearing account. finances take a seat in a clearing account for a brief length until they may be moved wherein they belong.
Closing entries are used to switch the contents of the temporary accounts into the permanent account, Retained profits, which resets the brief balances to zero, permitting tracking of revenues, costs, and dividends in the next period.
Temporary accounts consist of revenue, expenses, and dividends, and these accounts ought to be closed at the stop of the accounting year.
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