Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Explanation:
Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.
The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Therefore, the correct option is C.
Idk what the options are supposed to be but i know for sure that one of the answer is that it gives you $20,000 in student loans
The total cost of a job is calculated by adding the total direct labor cost, direct materials cost, and: applied manufacturing overhead cost
The total cost of a job is also called job costing. Job costing is used by the professional or organization when they complete a job for a client. Because job costing is important for professionals who do different or custom jobs to track the financial cost of each job. Each job has different parameters so the cost to complete the job varies from job to job.
The total cost of a job is a key to measuring the revenue. Professionals compute the total job cost after completing the job or at the end of the job. However, they use a sheet to record cost information about the job.
The formula for the total cost of a job is given below:
Total cost of a job = direct labor cost + direct materials cost + applied manufacturing overhead cost
You can learn more about job costing at
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Answer and Explanation:
The answer is attached below
