Which of the following is not a closing entry? Date a. Retained Earnings Accounts and Explanation Dividends
Question:
Which of the following is not a closing entry?
Transcribed Image Text:
Date a. Retained Earnings Accounts and Explanation Dividends b. Service Revenue C. d. Income Summary Salaries Payable Income Summary Income Summary Rent Expense Debit XXX XXX XXX XXX Credit XXX XXX XXX XXX
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
The concept of closing entries in accounting refers to the process of transferring all balances from ...View the full answer
Answered By
Mercy Kangai
I provide creative and detailed administrative, web search, academic writing, data entry, Personal assistant, Content writing, Translation, Academic writing, editing and proofreading services. I excel at working under tight deadlines with strict expectations. I possess the self-discipline and time management skills necessary to have served as an academic writer for the past seven years. I can bring value to your business and help solve your administrative assistant issues. I have extensive experience in marketing and small business management.
4.80+
27+ Reviews
86+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Managerial Chapters
ISBN: 9781292412337
7th Global Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Business questions
-
A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only...
-
1. Which of the following statements is true? i. Accounts receivable may be reported as a current asset or a current liability. ii. Accounts receivable are reported at net realizable value on the...
-
1. Which of the following statements is not correct? A. Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period. B. The Income Summary...
-
The ABC Company has a cost of equity of 24.76 percent, a before-tax cost of debt of 5.37 percent, and a tax rate of 26 percent. What is the firm's weighted average cost of capital if the proportion...
-
Can a shock wave develop in the converging section of a convergingdiverging nozzle? Explain.
-
For high-energy electron diffraction in a TEM, another estimate of the precision of diffraction angles can be provided by the uncertainty principle: px We do not know the specific plane that scatters...
-
The chart below summarizes the U.S. exchange traded companies that issued corrections to their financial statements during the years 2001 through 2014. The data was compiled by Audit Analytics and...
-
The Major Motors Corporation manufactures heavy trucks at a plant in Dublin, Virginia. The factorys stock of spare and custom parts is stored in a huge shelving system that is several stories high...
-
While accouting is dealing with the day to day cash flow of money circulating in and out of a company, finnacial management will deal with assests and and is expences. This type of management will...
-
Which of the following accounts may appear on a post-closing trial balance? a. Cash, Salaries Payable, and Retained Earnings b. Cash, Salaries Payable, and Service Revenue c. Cash, Service Revenue,...
-
What do closing entries accomplish? a. Zero out the revenues, expenses, and dividends b. Transfer revenues, expenses, and dividends to the Retained Earnings account c. Bring the Retained Earnings...
-
A smart phone charger delivers charge to the phone, in the form of electrons, at a rate of 0.75 C/s. How many electrons are delivered to the phone during 30 min of charging?
-
A trader was asked to show a bid to buy $110.00 calls from a customer. The stock price was $105.00, the interest rate was 5%, and the implied volatility was 35%, and there were 60 days until expiry...
-
How will you apply the concept of being different in your marketing plan? Watch the video on Blue Ocean Strategy and the Better or Different Strategy video. As Apple once said, Think Different....
-
how this following article related to culture and glocalization: Decoding Western Festive Season Symbols and Rituals in Marketing Messages: A Bottom of the Pyramid Consumer Study in South Africa
-
National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2024, National League's first...
-
How many pars should a hotel have for linen and terry? Explain why each par is needed
-
Bailey Products produces two joint products (A and B). Prior to the split-off point, the company incurs costs of $6,000. Product A weighs 30 pounds, and Product B weighs 120 pounds. Product A sells...
-
Briefly describe the following types of group life insurance plans: a. Group term life insurance b. Group accidental death and dismemberment insurance (AD&D) c. Group universal life insurance d....
-
Give an example of a marketing mix that has a high price level but that you see as a good value. Briefly explain what makes it a good value.
-
Cite two examples of continuously selling above the market price. Describe the situations.
-
Explain the types of competitive situations that might lead to a meeting-competition pricing policy.
-
seperate the following into two categories . **Life Insurance**: This is a policy that pays out a sum of money upon the death of the insured person. It provides financial security to the employee's...
-
our firm needs a computerized machine tool lathe which costs $ 6 0 , 0 0 0 and requires $ 1 3 , 0 0 0 in maintenance for each year of its 3 - year life. After three years, this machine will be...
-
Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 7 percent, and that the maximum allowable...
Study smarter with the SolutionInn App