Below is Niagara Falls Ltd s (Niagara Falls) summarized income statement for the year ended August 31, 2013, its first year in business a Prepare a spreadsheet and make the entries necessary to close the temporary accounts b Prepare the journal entry necessary to close the temporary accounts c Expl...

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Below is Niagara Falls Ltd.s (Niagara Falls) summarized income statement for the year ended August 31, 2013,

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Below is Niagara Falls Ltd.’s (Niagara Falls) summarized income statement for the year ended August 31, 2013, its first year in business.

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a. Prepare a spreadsheet and make the entries necessary to close the temporary accounts.

b. Prepare the journal entry necessary to close the temporary accounts.

c. Explain why closing entries are necessary and when they should be recorded.

d. What would be the effect on net income in 2014 if Niagara Falls Ltd. forgot to prepare a closing entry in 2013?

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Financial Accounting A Critical Approach

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Authors: John Friedlan

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Below is Niagara Falls Ltd.s (Niagara Falls) summarized income statement for the year ended August 31, 2013,

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Financial Accounting A Critical Approach

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