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Q. Describe the essential steps in the closing process?
In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue and Dividend accounts are closed not liability, asset, Capital Stock or Retained Earnings accounts. The four essential steps in the closing process are
- Closing the revenue accounts that are transferring the balances in the revenue accounts to a clearing account called Income Summary.
- Closing the expense accounts that are transferring the balances in the expense accounts to a clearing account called Income Summary.
- Closing the Income Summary account that are transferring the balance of the Income Summary account to the Retained Earnings account.
- Closing the Dividends account that are transferring the balance of the Dividends account to the Retained Earnings account.
a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
briefly explain management process
i need a program that can be used to collect school fees
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
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