Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

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

image text in transcribed

can anyone help me on this? closing accounts and end statement true or false

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting For Managerial Planning Decision Making And Control

Authors: Woody Liao, Andrew Schiff, Stacy Kline

6th Edition

9781516551705

Students also viewed these Accounting questions