What is the appropriate order for the following closing entries? I. Dividends II. Expenses III. Income Summary IV. Revenues Question 6 options: IV, II, III, I IV, I, III, II I, III, IV, II II, IV, III, I

What is the appropriate order for the following closing entries? I. Dividends II. Expenses III. Income Summary IV. Revenues Question 6 options: IV, II, III, I IV, I, III, II I, III, IV, II II, IV, III, I

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 6MC: Which of these accounts would not be present in the closing entries? A. Utilities Expense B. Fees...

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Concept explainers

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.

Question

What is the appropriate order for the following closing entries?

I. Dividends

II. Expenses

III. Income Summary

IV. Revenues

Question 6 options:

	IV, II, III, I
	IV, I, III, II
	I, III, IV, II
	II, IV, III, I

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