The closing process involves separate entries to close (1) expenses, (2) Owner's Drawings, (3) revenues, and (4)

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The closing process involves separate entries to close (1) expenses, (2) Owner's Drawings, (3) revenues, and (4) Income Summary. The correct sequencing of the entries is:

a. (4), (3), (2), (1).

b. (1), (2), (3), (4).

c. (3), (1), (4), (2).

d. (3), (2), (1), (4).

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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

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Question Posted: Jun 24, 2022 07:27 AM

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The closing process involves separate entries to close (1) expenses, (2) Owner's Drawings, (3) revenues, and (4)

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The correct answer is d 3 2 1 4 This is because the closing proc...View the full answer

Accounting Principles

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