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.
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Answer: Linkedln is an example of an app, yes.
Explanation:
Answer:
See below
Explanation:
Contribution margin per labor hour
Contribution margin per labor hour Product X
$4
Product Y
$3.5
Rank
Product X
1
Product Y
3
Optimum mix
Hour
Product X 7,000 × 3 = 21,000 Unit 6,000
Product Y 29,000 - 21,000 = 8,000 Unit 8,000/4 = 2,000
Product Y 6,000 units; 2,000 units
Answer: 0.6
Explanation:
The Marginal Propensity to Consume (MPC) measures how much of an additional dollar of income is spent on consumption.
When the GDP which is aggregate income rose by $10 billion, consumption rose by $6 billion.
MPC = Change in Consumption / Change in GDP
= 6 billion / 10 billion
= 0.6
Answer:
Contribute cash to the partnership.
Explanation:
Generally each partner in the partnership has capital balances represented as credit balances.
Capital balances do not have debit balances, if a partner has deficit balance, it means he has less than the balance as required for his share to be maintained.
Further if the partnership is declared insolvent, for any reason, the partner having deficit balance shall first bring in cash to add balance to his account, and remove the deficiency in his account.
Therefore, the correct option is
Contribute cash to the partnership.