Question
What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons
What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?
Step by Step Solution
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Step: 1
Accounts of various incomes and expenses are closed while transfering them to Profit and Loss account For transferring the items of expenses and losses the entry is PL ac Dr To Each item of expense or ...
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Step: 2
Step: 3
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
12th edition
1285850033, 978-1305480698, 1305480694, 978-0357688236, 978-1285850030
