Sign In
Ask Question
Elaina Sosa
Business
15 June, 21:48
How do you prepare closing entries in accounting
+5
Answers (
2
)
Young
15 June, 22:04
0
Like really dont know the answer to this but I wish u luck
Comment
Complaint
Link
Chris
15 June, 22:05
0
The answer is:
Close all income accounts to Income Summary.
Close all expense accounts to Income Summary.
Close Income Summary to the appropriate capital account.
Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
Comment
Complaint
Link
Know the Answer?
Answer
Not Sure About the Answer?
Find an answer to your question 👍
“How do you prepare closing entries in accounting ...”
in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution.
Answers (1)
What is the weighted average cost of capital and it's purpose?
Answers (1)
Which scenario best illustrates the principle of checks and balances?
Answers (1)
In an activity-based costing (ABC) system, cost reduction is accomplished by identifying and eliminating a. All Cost Drivers b. Non-value-Adding Activities
Answers (1)
Brief Exercise 8-06 The cash register tape for Bluestem Industries reported sales of $6,871.50. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $50.75.
Answers (1)
New Questions in Business
An industry with oligopolistic competition faces falling profits and its sales growth is slow. Demand for individual brands has become quite elastic--as consumers see competing products as almost homogeneous. Several firms have dropped out.
Answers (1)
Ros Corporation's flexible budget cost formula for indirect materials, a variable cost, is $0.90 per unit of output.
Answers (1)
The process by which goods, services, or ideas are used and transformed into value is referred to as cost behavior analysis.
Answers (1)
Globalization increases the interdependency of the world's countries. Inflation in one country would most likely
Answers (1)
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is: A. Cash 5,000 Accounts Receivable 5,000 B.
Answers (1)
Home
»
Business
» How do you prepare closing entries in accounting
Sign In
Sign Up
Forgot Password?