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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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On December 31 of Swift Co.’s first year, $70,000 of accounts receivable is not yet collected. Swift estimates that $4,000 of it
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Answer:

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he following cost data pertain to the operations of Montgomery Department Stores, Inc., for the month of July. Corporate legal o
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Answer:

Explanation:

1) Total direct costs for the Apparel Department $128750:

Total Direct costs of Apparel Department  

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