Instructions: Identify the Following

question 112

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Great Migration to New England

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Definitions:

Posted

In accounting, "posted" refers to the process of recording a financial transaction in a company's ledger, which then becomes part of the official financial records.

Accounting Cycle

A process that involves recording and processing all financial transactions of a company, from when the transaction occurs, to its representation in the financial statements.

Closing Entries

Entries recorded at the closing of an accounting cycle to shift balances from temporary to permanent accounts, readying the accounts for the upcoming period.

Post-Closing Trial Balance

A financial statement prepared after all adjusting and closing entries are made, serving to check the balance of debits and credits.