Question
can anyone help me on this? closing accounts and end statement true or false Temporary accounts must be closed at the end of the accounting
can anyone help me on this? closing accounts and end statement true or false
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Temporary accounts must be closed at the end of the accounting year. True False The year-end closing entries are also known as year-end adjusting entries. True False Assets are closed to Retained Earnings at the end of the year. True Felse The Retained Earnings account is a temporary account. True Felse Liabilities are considered nominal accounts. True Felse The purpose of the year-end closing process is to bring the temporary accounts to a zero balance. True False To close the Owner's Capital account, you should debit Owners Capital and credit Retained Eamings. True False The closing entry for salaries includes a credit to the Salaries Expense account for the total amount appearing on the general ledger account. True False In manual accounting, if a business has a net income, the Income Summary account will carry a credit balance before closing. True False
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