Determine the concept of closing entries, Accounting Basics

Assignment Help:

Determine the concept of Closing entries-(REID)

1)  Close Sales account and other income statement accounts with credit balances to Income Summary.

2)  Close each expense account and other income statement accounts with debit balances to Income Summary account.

3)  Close Income summary account to owner's capital account.

4)  Close the Drawing account to capital account.

 


Related Discussions:- Determine the concept of closing entries

What is beer direct materials and raw materials?, What is Beer direct mater...

What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph

Accounting, Accounting Accounting has evolved and emerged within respo...

Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys

Determine the term - working capital and current ratio, Determine the term ...

Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.

Explain about traditional accounting theory, Q. Explain about Traditional a...

Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention

What is perpetual inventory records, Q. What is Perpetual inventory records...

Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou

Balance sheet, where dose inventory changes aper on the balance sheet

where dose inventory changes aper on the balance sheet

Prepare an income statement for the current year, The assets and liabilitie...

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

Interest rate implied in cash discounts, Q. Interest rate implied in cash d...

Q. Interest rate implied in cash discounts? Interest rate implied in cash discounts to decide whether you should take benefit of discounts by using your cash or borrowing makes

Bank for international settlements (bis), Bank for International Settlement...

Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd