Arrange the steps of the closing process in the right order: A Closing the expense accounts
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Question:
Arrange the steps of the closing process in the right order:
A – Closing the expense accounts and transferring their balances to the Income Summary account;
B – Closing the Dividends account and transferring its balance to the Retained Earnings account;
C – Closing the Income Summary account and transferring its balance to the Retained Earnings account;
D – Closing the revenue accounts and transferring their balances to the Income Summary account)
Select one:
- BCDA
- CBDA
- DACB
- BCAD
Expert Answer:
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In accounting we regularly talk to the method of closing as closing the books On... View the full answer
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