You are watching: At year end abc company is completing its closing process
-Credit Insurance Expense for $900-A delittle bit to earnings summary for $1,600-Credit to gives cost for &700
At year-finish, Zagnut Company is beginning its closing process. Use the following account balances to show the closing of its price accounts (Check all that use.)
A agency had actually the following schosen balances:The thrid closing enattempt, after closing profits and expenses, would include which of the following?
A firm had the complying with selected balances: Demonstprice the last closing journal enattempt to cshed the Dividends account by selecting the correct answer listed below.
Resee and finish the adhering to statement regarding the Income Rundown account. The earnings summary account is ____ (debited/credited) for the sum of all revenue accounts and also is ____ (debited/credited) for the sum of all price accounts and also its balance will be transferred to the ____ (Retained earnings/ cash) account.
The journal enattempt to cshed all of a company"s price accounts would incorporate a ____ (debit/credit) to each of the price accounts and also a equivalent ____ (debit/credit) to the income ____ (statement/summary) account.
The entries to close the revenue and cost accounts for Jefferchild Company type of are presented below. The following closing entry in the closing procedure would certainly include: (Check all that apply.)
At year-finish, ABC Company is completing its cshedding process. Use the adhering to account balances to demonstrate the closing of the Dividends account. (inspect all that use.)
-the closing procedure helps to summarize a period"s revenues and expenses.-the cshedding process resets the balances in short-lived accounts to zero.
Exordinary your knowledge of the closing procedure by picking the correct statements below. (inspect all that apply.)
The cshedding process takes area at the ____ (end/beginning) of an bookkeeping period, after the ____ (adjusted/unadjusted) trail balance is prepared and also ____ (after/before) the financial statements are ready.
The function of the closing procedure is to reset ____ (temporary/permanent) account balances to zero and to carry the transforms in all of these accounts to the kept ____ (earning/summary/withdrawal) account
1. Determine what the correct account balance is.2. Determine what the correct account balance need to be.3. Record an adjusting entry.
A depreciation adjustment would certainly include a delittle to ____ (depreciation/expense/built up depreciation/building) and also ____ (debit/credit) to ____ (depreciation expense/ gathered depreciation/building).
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The account enables both the original price of plant assets and also the full depreciation taken to be shown simultaneously.
A contra account is an acc ount that is attached with an additional ____ (report/account/statement). It has a(n) ____ (similar/opposite) balance and is ____ (added/subtracted) to/from the other account"s balance