Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with which accounts do I use to close net income and to close dividends accounts. Thanks Utilities Expense Insurance Expense Depreciation Expense

I need help with which accounts do I use to close net income and to close dividends accounts. Thanks image text in transcribed
Utilities Expense Insurance Expense Depreciation Expense Interest Expense (To close expense accounts.) 31 Income Summary 24,951 Service Revenue (To close net income.) c. 31 Notes Payable Dividends (To close dividends.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

ISE Financial Accounting

Authors: Robert Libby, Patricia Libby, Frank Hodge Ch

11th Edition

1265083924, 9781265083922

More Books

Students also viewed these Accounting questions

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago

Question

Identify the human resource management functions.

Answered: 1 week ago

Question

Describe who performs human resource management activities.

Answered: 1 week ago