The accountant of JKL Enterprises had just completed posting all the adjusting entries to the appropriate ledger accounts and now wishes to close the ledger balances in preparation for the next accounting period. For each of the accounts listed below, indicate whether the balance should be: (a) carried forward to the next accounting period, (b) closed by crediting the account, or (c) closed by debiting the account. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation 4. Cash 5. Ereighht-in 6. Income Summax 7. Interest Payable 8. Interest Revenue 9. Lacap, Capital 10. Lacan, Drawing 11. Merchandise Inventory, beg. 12. Merchandise Inventory, end. 13. Notes Receivables 14. Prepaid Insurance 15. Purchase Discounts 16. Purchases 17. Salaries Payable 18. Salaries 19. Sales Discounts 20. Sales Returns and Allowances

The accountant of JKL Enterprises had just completed posting all the adjusting entries to the appropriate ledger accounts and now wishes to close the ledger balances in preparation for the next accounting period. For each of the accounts listed below, indicate whether the balance should be: (a) carried forward to the next accounting period, (b) closed by crediting the account, or (c) closed by debiting the account. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation 4. Cash 5. Ereighht-in 6. Income Summax 7. Interest Payable 8. Interest Revenue 9. Lacap, Capital 10. Lacan, Drawing 11. Merchandise Inventory, beg. 12. Merchandise Inventory, end. 13. Notes Receivables 14. Prepaid Insurance 15. Purchase Discounts 16. Purchases 17. Salaries Payable 18. Salaries 19. Sales Discounts 20. Sales Returns and Allowances

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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