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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

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How do macroeconomists distinguish between nominal and real values of​ variables?
lesantik [10]

I believe the answer is: c. nominal variables are measured in market​ prices; real variables are measured in quantities of goods and services.

the nominal value of a certain good would be fluctuated (could either increased or decreased) depending on the power of the supply and demand in the market. the real value on the other hand is valued using the price of a base year.


7 0
3 years ago
Time preference is: a. the purchase of new capital goods. b. a sophisticated IOU that documents who owes how much and when payme
kirill [66]

Answer:

D. the desire to have goods and services sooner rather than later (all other things being equal).

Explanation:

The time preference talks about the placing relative value on goods received at an earlier date compared with receiving that particular goods at a later date. It is the assumption that people prefer a given goods or services be delivered sooner rather than later all things being equal. It occurs when a person focus on having a good sooner rather than later.

7 0
3 years ago
Read 2 more answers
YASHARI earns $27,000 per year, is single, and lives in Wyoming. She has $7000 in subsidized loans and another $19,000 in unsubs
Georgia [21]

Answer:

Hello your question has some missing part below is the missing part

Yashari’s monthly take-home pay is $1850. What percentage of her paycheck will go toward student loans if she chooses standard repayment? Does that payment amount seem reasonable? Why or why not?

answer :

14.43% of his paycheck

The payment amount is reasonable ( $ $32035 )

Explanation:

Subsidized loans = $7000

unsubsidized loans = $19000

Annual earnings = $27,000

Monthly pay = $1850

<u>solution </u>

If Yashari chooses the standard repayment the percentage of her paycheck that will go for repayment will be 14.43% while the interest rate will be 4.3%

Therefore the total repayment will be $32035 which is a reasonable amount

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8 0
3 years ago
Which contractual standard for product safety and liability says that buyers chose to make purchases and therefore every purchas
taurus [48]
<span>The contractual standard for product safety and liability that says the buyer chose to make the purchases and knows the each purchase involves informed consent is often referred to as the standard of caveat emptor. This is simply a warning that lets the buyer know and understand the product is sold as is and is subject to all defects. Basically, another way of saying buyer be ware.</span>
3 0
3 years ago
When shares of stock that were issued to the public are later bought and sold among investors on the stock exchange, the issuing
Degger [83]

Last option is correct. The issuing corporation does not record any entry because it doesn't receive or give anything of value.

<h3>What are shares of stock?</h3>

The shares are regarded as the smallest unit of the stock that is owned by a company. There company sometimes sells its shares.

The company may have up to 10 million stock which it can sell to the intended buyers.

Read more on shares and stock here: brainly.com/question/25818989

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7 0
2 years ago
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