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
antiseptic1488 [7]
3 years ago
8

Closing entries are not needed if adjusting entries are prepared need not be journalized if adjusting entries are prepared must

be journalized and posted need not be posted if the financial statements are prepared from the end-of-period spreadsheet
Business
1 answer:
anastassius [24]3 years ago
7 0

Answer: Closing entries: <u>" must be journalized and posted ".</u>

Explanation: Closing entries are those registrations that are ALWAYS made at the end of an accounting period because it cancels the balance of all temporary accounts to transfer them to permanent accounts.

Temporary accounts are profit and loss accounts, so the result of the year is determined in this way.

You might be interested in
At times, someone with a good credit rating may not be able to get a loan. When this happens, the potential customer may be told
Sergio [31]

It can mean that the bank is running low on liquidity of cash. In the banks are required to keep a minimum of liquidity to be able to give loans and keep the cash flow. In case the bank is running low on liquidity the customer should inform the central bank and the central bank should fine the bank for not maintaining the liquidity.

3 0
3 years ago
Once a civilization had a surplus of food, it could support which of the following?
erica [24]
What are the options?
5 0
3 years ago
Read 2 more answers
What is the best advice for you to follow when writing a persuasive claim message?
svet-max [94.6K]
It must be debatable. Hope this helps
3 0
3 years ago
The number of shares that a corporation's incorporation document allows it to sell is referred to as
SashulF [63]

The number of shares that a corporation's incorporation document allows it to sell is referred to as authorized shares.

<h3>What is a Corporation?</h3>

This refers to a business entity that has a group of members who acts together for a set goal.

Hence, we can see that when it comes to the selling of stocks by the corporation, there is a limit of shares to sell and this is known as authorized shares.

Read more about stocks here:

brainly.com/question/25572872

6 0
2 years ago
Gilbert Company made an ordinary repair to a delivery truck during 2016 at a cost of $500 and capitalized the repair cost. What
Leto [7]

Answer:

The answer is:

Asset will be overstated

Net income will be overstated

Explanation:

Because of the incorrect capitalization(the process of converting or adding to a firm's asset):

1. Assets are overstated. Assets that shouldn't are added to the entire assets are added. So it's increasing the company's asset whereas it's not.

2. Net income are overstated. Because depreciation too will have to be charged for the asset that wasn't there, therefore, net asset will be overstated.

7 0
3 years ago
Other questions:
  • John Company has cost of goods sold of $100,000. Beginning inventory is $1,500 and ending inventory is $2,000. Calculate John Co
    9·1 answer
  • You are considering building a new deck on your​ home, what factors should you consider when deciding whether to borrow the mone
    13·2 answers
  • On January 2, Boulder Co. assigned its patent to Castle Co. for royalties of 10% of patent-related sales. The assignment is for
    12·1 answer
  • Complete the statement using the correct term.
    15·1 answer
  • The 2017 Form 10-K of Oracle Corporation, for the May 31, 2017 year-end, included the following information relating to their al
    5·1 answer
  • Suppose an oligopolistic producer assumes its rivals will ignore a price increase but match a price cut. In this case the firm p
    8·1 answer
  • A linear programming problem contains a restriction that reads "the quantity of X must be at most three times as large as the qu
    15·1 answer
  • g Mark quit his job as a salesman where he made $43,000 per year to start his own t-shirt making business. His business expenses
    13·1 answer
  • Hollister Company amended its defined benefit pension plan at the beginning of 2020 and recognized prior service cost of $1,700,
    13·1 answer
  • Jordan has the following assets and liabilities:_______. Two cars $10,000 House $200,000 Mortgage $100,000 Cash $1,000 Car loans
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!