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ddd [48]
3 years ago
6

There are four closing entries: The first one is to close ___________________. The second one is to close __________________. Th

e third one is to close __________________. The fourth one is to close ___________________.
Business
1 answer:
arlik [135]3 years ago
8 0

Answer:

Revenues, expenses, income summary, dividend or withdraws account

Explanation:

The closing entries for the following accounts are presented below:

1. Service Revenue A/c Dr XXXXX

                To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

           To Expense A/c XXXXX

(Being expenses accounts are closed)

3. Income summary A/c Dr XXXXX

               To Retained earning XXXXX

(Being the difference is credited to retained earning that reflected as a profit)

4. Retained earnings A/c Dr XXXXX

      To Dividend A/c XXXXX

(Being dividend account is closed)

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