Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.
<h3>What order should the steps for closing an account be taken in?</h3>
Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.
A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.
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Answer:
$8,780
Explanation:
Checkable deposits = $23,000
Reserve ratio = 14%
Required reserves = $23,000*14% = $3,220
Outstanding loans = $11,000
So, the additional loans that a bank may loan out is $8,780 ($23,000 - $3,220 - $11,000).
Answer:
Directly sell bonds to the public
Explanation:
Financial System
This is simply called an Institutions in the economy of any country that is concerned matching one person's saving with another individual's investment collectively. They save and lends money to the public.
When the government's expenditures is far greater than its receipts, they would likely directly sell bonds to the public. The expenditures of government always goes on goods, services, or transfer payments and when they become bigger than their tax revenue, the government therefore runs into a budget deficit. This can therefore make a government borrow some amount of money from financial system to pay for budget deficits, and the results of government borrowing can increase a nation's debt rate.
A Bond
A certificate othat shows one is indebted as it shows or specifies the obligations of the borrower to the holder.
False. Location is pretty important for business. Critical, almost. A business' location determines parking and surrounding utilities that someone could use if they needed. Also, climate and logic are important to think about. For example, if there was a swimsuit business up in the Arctic, they wouldn't get any money or income at all. It wouldn't be logical, and the location would have just damaged their business.
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