Question
1. What types of accounts should be closed at the end of the period? What are the closing processes? 2. Based on the following trial
1. What types of accounts should be closed at the end of the period? What are the closing processes?
2. Based on the following trial balance for XYZ company, prepare the income statement
| XYZ Partial Trial Balance December 31 | ||
| Dividends | 36,000 |
|
| Revenue earned |
| 72,000 |
| Supplies expense | 3,425 |
|
| Rent expense | 6,000 |
|
| Wages expense | 22,000 |
|
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Accounting A Smart Approach
Authors: Mary Carey, Cathy Knowles
4th Edition
0198844808, 9780198844808
