Why is the owner's drawings account not closed with the expense accounts? Why is a separate entry
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (7 reviews)
The drawings account is not closed with the expense accounts because it is not part ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Question Posted:
Students also viewed these Cost Accounting questions
-
The adjusted trial balance columns of the work sheet for Thao Company, owned by D. Thao, are as follows. Instructions (a) Prepare closing entries. (b) Use T accounts to post the closing entries and...
-
Robert Joote is the owner of Peak Company. Robert has prepared the following balance sheet: ___________________________PEAK COMPANY ______________________________Balance Sheet...
-
The Highland Cove Resort has an August 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the August 31 month-end...
-
The pilot of a small boat charts a course such that the boat will always be equidistant from an upcoming rock and the shoreline. Describe the path of the boat. If the rock is 2 miles offshore, write...
-
Solar Salt Company has two divisions. Gross margin computations for these two divisions for 2012 are as follows: Solar Salt has determined that its total manufacturing overhead cost of $700,000 is a...
-
For what reasons are Gurgit and Neeraj satisfied by their apprenticeship experiences? L01
-
E12.5. Explaining a Change in Profitability (Medium) Consider the following financial information: Summary Balance Sheets at December 31 2009 2008 2007 Cash $ 100 $ 100 $ 120 Short-term investments...
-
How might the business research industry take action to ensure that the public believes that telephone surveys and door-to-door interviews are legitimate activities and that firms that misrepresent...
-
Determine the ending balance of each of the following T-accounts
-
For the system shown in Fig. 8.17, compute the power delivered by the pump to the water to pump 50 gal/min of water at 60F to the tank. The air in the tank is at 40 psig. Consider the friction loss...
-
What is the purpose of using an income summary account? If an income summary account was not used, how would the closing entries change?
-
Brenda has been told that, after the closing entries have been posted, she should stop and check her work. Explain to Brenda what she should be checking for.
-
A manufacturer of large industrial electric motors has a cost of goods sold of $111,690,000 and an average inventory value of $14,609,300. What is its inventory turnover? What does it mean?
-
Customers arrive at a ferry ticket office at the rate of 14 per hour on Monday morn- ings. This can be described by a Poisson distribution. Selling the tickets and pro- viding general information...
-
Glen County manages a waste-to-energy facility that burns 2,000 tons of trash per day and generates over \($20\) million in electricity annually while costing state and local taxpayers \($24\)...
-
Carry out a full decision analysis for Classical Reproductions Ltd, using the following information: Calculation of expected profit with perfect information Prior probabilities for the various events...
-
T and B lymphocytes are normal components of the immune system, but in multiple sclerosis they become autoreactive and attack the central nervous system. What triggers the autoimmune process? One...
-
Prove (11.32) . E (Yi,k | Zi = 0, = e) = E (Yi,k | i = 1, = e) = E (Yi,k | Ti = e), k = 1,2. (11.32)
-
What do you think is the best way to manage poor performance? What options are available?
-
1. Using the information from Problem 16-4B, prepare a statement of cash flows for Lim Garden Supplies Inc. using the direct method of presenting cash flows from operating activities. 2. How does Lim...
-
Mandeep, the president of Cool Air Inc., a public company, asked the controller to reclassify $1 million of cash payments for interest from the operating activities section to the financing section...
-
During the year, Wind and Solar Power Ltd. Issued $1 million of common shares in exchange for windmill equipment. Geoff, the chief financial officer, argues that the acquisition of equipment is an...
-
What information is used in preparing the cash flow statement?
-
7 . 4 3 Buy - side vs . sell - side analysts' earnings forecasts. Refer to the Financial Analysts Journal ( July / August 2 0 0 8 ) study of earnings forecasts of buy - side and sell - side analysts,...
-
Bond P is a premium bond with a coupon of 8.6 percent , a YTM of 7.35 percent, and 15 years to maturity. Bond D is a discount bond with a coupon of 8.6 percent, a YTM of 10.35 percent, and also 15...
-
QUESTION 2 (25 MARKS) The draft financial statements of Sirius Bhd, Vega Bhd, Rigel Bhd and Capella for the year ended 31 December 2018 are as follows: Statement of Profit or Loss for the year ended...
Study smarter with the SolutionInn App