1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Maurinko [17]
1 year ago
14

jounralize and post closing entries and complete the closing process list all debit entries before credit entries credit account

titles are authomatically indented when the amount is entered
Business
1 answer:
DochEvi [55]1 year ago
7 0

Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.

<h3>What order should the steps for closing an account be taken in?</h3>

Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.

A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.

To know more about closing entries, refer:

brainly.com/question/13469087

#SPJ4

You might be interested in
The aggregate supply curve normally a. slopes downward and to the right due to higher resource prices. b. has a horizontal slope
8090 [49]

Answer:

The answer is: D) slopes upward to the right due to short-run fixed costs of production.

Explanation:

In the short run, companies have fixed factors of production: prices, wages, and capital. In the short run, aggregate supply curve shows the correlation between the price level and output (normal supply curve). Only in case of a production increase due to technological improvements or other factors (decreasing input prices, etc), may the aggregate supply curve shift outward.

7 0
3 years ago
What is one downside of banking at a traditional branch versus on-line-only banking​
tresset_1 [31]

<u>Answer:</u>

Some online banks have unwieldy procedures to store money. Alternatives can incorporate a deposit-accepting ATM or placing money into a current financial balance and moving that cash to your online record. You could likewise change over the money into a cash request, which you might store electronically utilizing your online bank's portable application.

Security dangers stay a risk and burden of traditional bank areas. Cybercrimes are, obviously, a problematic issue that can influence web-based banking. That being stated, the broad security conventions presently ensuring internet banking frameworks have drastically decreased this risk.

6 0
3 years ago
The increasing involvement of salespeople in _____________________ is one major reason why the average cost of a sales call has
Otrada [13]
It would be because of Non selling activities
8 0
3 years ago
XYZ Company produces a significant daily amount of electronic waste. The company disposes the waste into the ocean despite stric
natima [27]

Answer:

Legal responsibility

Explanation:

Since there have been regulations put in place by the government, it is thereforre a legally binding agreement between XYZ company and any other companies that does same as XYZ company.

The failure of XYZ company to honour the set regulations is a breach in its legal responsibilty alongside its corporate social responsibilty as well and it can be taken up by the government by either charging the XYZ company to court or revoking their operating license.

Cheers.

6 0
3 years ago
An important rule of budgeting is:
son4ous [18]

Answer:

A. Those responsible for complying with budgets must participate in budget preparation.

Explanation:

An important rule of budgeting is those responsible for complying with budgets must participate in budget preparation.

4 0
3 years ago
Other questions:
  • You own a company that produces jewelry with attractive, popular designs but uses resources that makes the product too expensive
    7·1 answer
  • Which type of market consists of many buyers and sellers trading over a range of prices rather than a single market​ price?
    5·1 answer
  • Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,0
    9·1 answer
  • How much interest is paid on a 52,000 loan if the monthly payments are 450.23 for 30 years?h of these equations shows how instal
    9·1 answer
  • Red font in the opening information is used to:_________
    8·1 answer
  • If getting a college degree is not possible, which of the following would be next best option for starting a career in fashion d
    12·2 answers
  • Which of the following compensation options helps pay for classes or seminars attended?
    6·2 answers
  • Curly Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 16,000
    8·1 answer
  • A firm will shut down in the short run if the total revenue that it would get from producing and selling its output is less than
    8·1 answer
  • g A speculator buys a call option for $3, with an exercise price of $50. The stock is currently priced at $49, and rises to $55
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!