Answer:
b) Additional paid-in capital.
Explanation:
Closing process in accounting is a period end activities which involves
the movement or transfer of temporary accounts to permanent accounts.
Temporary accounts are all income statement accounts like sales account, rent account, depreciation expense account, telephone expense account e.t.c.
This exercise is to prepare temporary accounts for the next period. since temporary accounts are measured as at period end, the transaction of a period must not be allowed to mix with another, hence the need to always close or bring to zero all temporary accounts.
In the question, all are income accounts except additional paid-in capital
Answer:
A. It helps politicians win support from their constituents
Explanation:
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DEBIT TO ALLOWANCE for Doubtful Accounts and a credit to Accounts Receivable.
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When a specific customer's account is identified as uncollectible, it is written off against the balance in the allowance for bad debts account.
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Answer:
$400
Explanation:
Given that
Reserve ratio = 25%
Deposit cash in a bank = $100
So, the maximum amount of increasing the checking account balance would be
= Deposit cash in a bank ÷ Reserve ratio
= $100 ÷ 25%
= $400
We simply divide the cash deposited by the reserve ratio so that the accurate value could come i.e maximum increase checking account balance.