Question
The period of time over which the earnings of a business are measured is called the _________ period Because Revenue, Expense, and Drawings accounts accumulate
The period of time over which the earnings of a business are measured is called the _________ period
Because Revenue, Expense, and Drawings accounts accumulate data for only one accounting period, they are called _______ accounts
All Revenue, Expense, and Drawings accounts must begin the next accounting period with _____ balances
The ________ account must be updated to show the beginning balance for the new accounting period.
Entries made at the end of an accounting period to transfer the balances of temporary accounts to the Capital account are called __________ .
To close out a revenue account, the Revenue account is ___ and the Income Summary account is_______ .
An Accumulated Depreciation account is called a(n) _________account.
If a net loss occurred, the Income Summary account would have a(n)______ balance before it is closed out
To close out the Drawings account, the Capital account will be ____ , and the Drawings account will be_______ .
To record the adjusting entry for the depreciation of office equipment, the account credited is _________ .
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started