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natta225 [31]
2 years ago
14

The account that is brought up to date after the closing entries have been journalized and posted is the ____.

Business
1 answer:
yanalaym [24]2 years ago
5 0

Complete/Correct Question:

The account that is brought up to date after the closing entries have been journalized and posted is the ____.

A. Sales account

B. Purchases account

C. Capital Stock account

D. Retained Earnings account

Answer:

D, retained earnings account

Explanation:

Retained earnings can be defined as the accumulated income of a firm, that is retained by firm, after a certain period of time. After a certain time could be after the reporting period.

Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.

The retained earnings is always reported and recorded in the stakeholder's equity and the company's balance sheets respectively. Retained earnings signify or represent how much of its profits a firm has reinvested itself.

Cheers.

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algol13

Answer and Explanation:

The computation is shown below;

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Revenues               $0                      $126,280        $126,280

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Net Income              $0                    $31,570              $31,570

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So one can make sure that a creditor of the insured isn't paid more than the exquisite mortgage at the time of declaration, the coverage proprietor should: Convertible insurance

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For instance, a debtor/creditor relationship is if you take out a mortgage to shop for your house. then you as the property owner are a debtor, while the bank that holds your loan is the creditor. In trendy, if someone or entity has loaned cash then they are a creditor.

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