A series of journal entries at the end of the accounting period to remove the balances from the temporary accounts so that they can accumulate data for the following accounting period are called:

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An account that is closed is said to be closed to the account that receives the offsetting debit or credit. Thus, a closing entry simply transfers the balance of one account to another account. Because closing journal entries bring temporary account balances to zero, the temporary accounts are ready to start accumulating data for the next accounting period.

A Series of Journal Entries at the End of the Accounting