Prepare the closing entry for net income. C

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Q: income recieved but service not rendered, Please suggest the JE

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Q: Define Debit

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A: Rent paid in advance is a prepaid expense which means this expense hasn't been accrued yet.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.