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    Question.4413 - Discussion - Chapter 4What are the steps in recording closing entries?

    Answer Below:

    Close xxx revenue xxxxxxxx Close xxx expense xxxxxxxx Close xxx Income xxxxxxx account xxxxx the xxxxxxxxx account

    More Articles From ACC 101 OT 1 SU24 - Accounting I

    Question: Discussion - Chapter 1What are at least three questions business owners and managers might be able t......
    Answer: What are at least three questions business owners and managers might be able to answer by looking at accounting information?1) Purchasing: What/When/H......
    Question: Discussion - Chapter 2 Should a transaction be recorded first in a journal or the ledger? Why?...
    Answer: The first transaction should be recorded in the journal and then posted to the ledger. In the journal one part of the transaction is debited and anoth......
    Question: Discussion Topic: Discussion - Chapter 3Discussion - Chapter 3What is the difference between the cas......
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    Question: Discussion - Chapter 5What items appear in the financial statements of merchandising companies but n......
    Answer: Hello Everyone. The items appear in the financial statements of merchandising companies but not in the statements of service companies:Cost of goods s......
    Question: Discussion - Chapter 6If inventory errors are said to correct themselves, why are accounting users c......
    Answer: If inventory errors are said to correct themselves, the accounting users are concerned when such errors are made because they are concerned about the......
    Question: Discussion - Chapter 7When a general journal entry is used to record sales returns, the credit of th......
    Answer: Sales returns are a reduction in the actual sales which occurs when a customer, for whatever reason, returns the item for a cash refund or a credit to......
    Question: Discussion - Chapter 8List the seven broad principles of internal control....
    Answer: Hello everyone,The seven broad principles of internal controls include the separation of duties, safeguards of assets, independent verification, estab......
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