The following question was designed to test your knowledge of closing entries. If the account is Column
Fantastic news! We've Found the answer you've been seeking!
Question:
The following question was designed to test your knowledge of closing entries. If the account is Column
"A" should be closed indicate in Column "B" whether the accounts in Column "A" should be "Debited"
or "Credited" during the closing entry process. If the account in Column "A" should not be closed
indicate "Not Closed" in Column "B." Further, indicate in Column "C" the account that the item is
Column "A" should be closed to. If the account is Column A is not closed indicate "N/A" in Column "C."
(A) (B) ( C)
Account Name (Debit/Credit/Not Closed) Closed to Account?
1 Accounts Receivable
2 Service Revenue
3 Owners Capital
4 Income Summary (Net income)
5 Owners Withdrawals
Related Book For
An Introduction To Statistical Methods And Data Analysis
ISBN: 9781305465527
7th Edition
Authors: R. Lyman Ott, Micheal T. Longnecker
Posted Date: