Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance. Rules for closing entries : a) Debit the account : All temporary accounts with credit balances. b) Credit the account : All temporary accounts with debit balances. T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account. To Post: post the closing entries and balance the accounts.

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Answer 1

Question

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

To determine

To Identify: the balance of the accounts.

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Answer 2

Question

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

To determine

To Identify: the balance of the accounts.

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Answer 3

Question

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

To determine

To Identify: the balance of the accounts.

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Answer 4

Question

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

To determine

To Identify: the balance of the accounts.

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Answer 5

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

To determine

To Identify: the balance of the accounts.

Answer 6

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

Answer 7

Chapter 4, Problem 4.5BE

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

T-Account: It is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.

To Post: post the closing entries and balance the accounts.

Answer 8

To determine

To Identify: the balance of the accounts.

Answer 9

To determine

To Identify: the balance of the accounts.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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To Identify: the balance of the accounts.

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