Answered: third closing entry

Business

Accounting

third closing entry

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter6: Financial Statements And The Closing Process

Section: Chapter Questions

Problem 3MC: Which of these is the first step in the closing process? (a) Close revenue account(s). (b) Close...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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12) The third closing entry is to close Owner's Capital to the Owner's Withdrawals account.

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The balance in the Income Summary account before it is closed will be equal to Question 1 options: A) the ending balance in the Owner's Capital account B) zero C) the beginning balance in the Owner's Capital account D) the Net Income or Net Loss on the Income Statement
What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner. Asap
Is "Owner's Capital" a temporary or permanent account? Please explain what happens to this account during the closing process.
What do closing entries accomplish? a. Zero out the revenues, expenses, and dividends b. Transfer revenues, expenses, and dividends to the Retained Earnings account c. Bring the Retained Earnings account to its correct ending balance d. All of the above
What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner.
Which account or accounts will be closed directly to Owner’s Capital? Income Summary only.Owner’s Drawings only.Both Income Summary and Owner’s Drawings.Neither Income Summary nor Owner’s Drawings.
Which of the following statements is correct about closing entries?a. Must debit or credit one income statement account and one statement of financialposition accountb. Include closing the dividends account to income summaryc. All of these choices are correctd. Are posted to the appropriate general ledger accounts
Which of these is the first step in the closing process? (a) Close revenue account(s). (b) Close expense accounts. (c) Close the Income Summary account. (d) Close the drawing account.
Which of the following accounts would be closed during the closing process? a. Service Revenue b. Cash c. B. Williams, Capital d. Accumulated Depreciation, Equipment
Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable
Which of these accounts is not included in the post-closing trial balance? A. Land B. Notes Payable C. Retained Earnings D. Dividends
Which of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees Earned Revenue C. Insurance Expense D. Dividends Payable