Carla Vista Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. prepare closing entries

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5 July, 11:31

Carla Vista Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. prepare closing entries

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Penelope Warren · Answer 1

More information is needed to prepare the closing entries, but this question has something very important to consider. The fiscal closing of Carla Vista Company is as of July 31, so it should be pending that all cash inflows and outflows made after this date in the same year will not be included in this fiscal year, if not in the next.