Answer:
The third option appears to be the best answer
Explanation:
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will calculated by multiplying the principal amount by one plus the annual interest rate raised to the number of compound periods minus one As opposed to simple interest and Interest is the cost of borrowing money and Conversely compound interest
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Answer:
credited ; debited ; retained earnings or capital account
Explanation:
The closing entries are as follows
Sales Revenue A/c Dr XXXXX
To Income Summary XXXXX
(Being revenue account closed)
Income summary A/c Dr XXXXX
To Expenses A/c XXXXX
(Being expenses accounts are closed)
Income summary A/c Dr XXXXX
To Retained earning XXXXX
(Being the difference is credited to retained earning)
