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What type of accounts are closed

Assignment Help Financial Accounting
Reference no: EM132487904

Question 1. What type of accounts are closed?

Question 2. What is a permanent account? Give examples.

Question 3. What is another name for Temporary accounts and Permanent Accounts?

Question 4. What are the steps in closing accounts?

Following is the adjusted tr al balance. with accounts in alphabetical order. for TRN Magazine as at January 31. 2017.

 

Debit

Credit

Accounts receivable

$ 21,000

 

Accumulated depreciation. equipment

 

$ 12,000

Cash

8,500

 

Deprecation asperse. equipment

1,500

 

Equipment.......................................................

19,000

 

Interest income..............................................

 

450

Rent expense..................................................

17,500

 

Salanes aspens...............................................

61,000

 

Subscnption revenues.....................................

 

71,000

Tnsh NORM, capital...........................................

 

45,450

Tnsh Noms, withdrawals................................

19,400

 

Uneamec subscription reeenue......................

 

19000

Totals..............................................................

$147.900

$147,900

 

 

Reference no: EM132487904

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