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AccountingCollege Accounting (Book Only): A Career Approach13th Edition

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Chapter 5, Problem 2QY
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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

Solutions

Chapter
Section
Problem 1QY
Problem 2QY
Problem 3QY
Problem 4QY
Problem 5QY
Problem 6QY
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 1PA
Problem 2PA
Problem 4PA
Problem 5PA
Problem 1PB
Problem 2PB
Problem 4PB
Problem 5PB
Problem 1A
Problem 2A
Problem 3A
Problem 4A
Problem 5A
Problem 1ACRPA
Problem 1ACRPB
Problem 1CP
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Which of the following accounts would be closed during the closing process?

  1. a. Service Revenue
  2. b. Cash
  3. c. B. Williams, Capital
  4. d. Accumulated Depreciation, Equipment

To determine

Find the correct option, the option that indicates the account that is closed during closing process.

Explanation

Closing entries: The journal entries prepared to close the temporary accounts to capital account are referred to as closing entries. The revenue, expense, and drawing accounts are referred to as nominal or temporary accounts because the information and figures in these accounts is held temporarily and consequently transferred to real or permanent account at the end of accounting year.

Justification for correct answer: The amounts of revenue, expenses, and drawings accounts recorded in the financial statements should always pertain to only one fiscal period...

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Chapter 5 Solutions

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Ch-5 P-1QYCh-5 P-2QYCh-5 P-3QYCh-5 P-4QYCh-5 P-5QYCh-5 P-6QYCh-5 P-1DQCh-5 P-2DQCh-5 P-3DQCh-5 P-4DQ
Ch-5 P-5DQCh-5 P-6DQCh-5 P-7DQCh-5 P-8DQCh-5 P-9DQCh-5 P-1ECh-5 P-2ECh-5 P-3ECh-5 P-4ECh-5 P-5ECh-5 P-6ECh-5 P-7ECh-5 P-8ECh-5 P-9ECh-5 P-10ECh-5 P-1PACh-5 P-2PACh-5 P-4PACh-5 P-5PACh-5 P-1PBCh-5 P-2PBCh-5 P-4PBCh-5 P-5PBCh-5 P-1ACh-5 P-2ACh-5 P-3ACh-5 P-4ACh-5 P-5ACh-5 P-1ACRPACh-5 P-1ACRPBCh-5 P-1CP

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