Your uncle owns a small sole proprietorship. He does his own bookkeeping, although he didn’t finish the chapter on closing entries before he opened his business. He mentions to you that closing entries look like they take a long time. He wonders why he should bother to do them because all he really looks at is the checkbook. What would you say to convince him that closing entries are necessary?
Answer to relevant QuestionsOn the next page is the post- closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company. Assume that the debit total ($ 41,048) is correct. a. Analyze the work and prepare a response to what you ...a. What does a debit balance in Cash Short and Over mean? b. Where does a debit balance in Cash Short and Over appear in the financial statements? c. What does a credit balance in Cash Short and Over mean? d. Where does a ...At the end of the day, the cash register tape lists $ 881.40 as total income from services. Cash on hand consists of $ 18.25 in coins, $ 433.60 in currency, $ 100.00 in traveler’s checks, and $ 427.00 in customers’ ...On March 1 of this year, Stowe Company established a Petty Cash Fund, and the following petty cash transactions took place during the month: Mar. 1 Cashed check no. 314 for $ 100 to establish a Petty Cash Fund and put the $ ...Determine the gross pay for each employee listed below. a. Clay Jones is paid time- and- a- half for all hours over 40. He worked 45 hours during the week. His regular pay rate is $ 25 per hour. b. Mary James worked 48 hours ...
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