Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are credited in the closing entries?
Question:
Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are credited in the closing entries? Why?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (7 reviews)
In a balance sheet the following are ...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Dobbs Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company's current truck (not the least of which is that it runs). The new truck would cost...
-
Multiple Choice Questions 1. What effect does the adjusting entry in question 3-57 have on Bambis net income for February? a. Increase by $200 b. Decrease by $200 c. Increase by $400 d. Decrease by...
-
CM Corporation (CMC) was founded in 2011 by Eric Conner and Phil Martin. The company designs install, and services security systems for high-tech companies. The founders, who describe themselves as...
-
Calculate the managerial remuneration from the following particulars of Zen Ltd. the company has only one Managing Director. Net Profit Net Profit is calculated after considering the following:...
-
What are institutional investors? How are individual investors likely to be affected by institutional investors?
-
The RX Drug Company has just purchased a capsulating machine for $76,000. The plant engineer estimates the machine has a useful life of 5 years and little or no salvage value . He will use zero...
-
Explain the terms res ipsa loquitur and judicial notice rule.
-
After closing revenues and expense, Natraj Company shows the following account balances. Dividends...................$22,000 Retained Earnings ................70,000 Income Summary...
-
a) Discuss the objective of corporate financial manager. b) Explain why profit maximisation fails to be consistent with wealth maximisation. Include reasons why profit maximisation and/or wealth...
-
Your clients, Jim and Barbara, are both age 48. They have a household income of $127,500. She has $290,000 of investment/retirement assets saved, not including personal assets. He has $385,000 of...
-
Use the following T-accounts to prepare the four journal entries required to close the books: Debit Accounts Receivable Bal. 45,500 Fees Earned Revenue Bal. 7,200 Commission Expense Credit Bal. 5,500...
-
Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit $ 20,000 Dividends Service Revenue...
-
Franklin Training Services (FTS) provides instruction on the use of computer software for the Employees of its corporate clients. It offers courses in the clients offices on the clients equipment....
-
What are the main differences between conventional accounting and Islamic accounting with regard to the definition of assets?
-
How can people be successfully treated in group therapy when individuals with the same problem are so different? What advantages might group therapy offer over individual therapy?
-
Do you think the widespread use of IQ testing in the United States contributes to parents views that their childrens academic success is due largely to the childrens innate intelligence? Why? Would...
-
What do you think are some of the problems that developers and interpreters of self-report personality tests must deal with in their effort to provide useful information about test-takers? Why is a...
-
The trend toward releasing more patients from mental hospitals and into the community is known as __________.
-
A thorough approach to planning for change can take a great deal of time. When time is short, which steps in the planning process can be eliminated the most readily. What are the potential risks of...
-
You work as an operations consultant for a textile company. Your client has a well-established distribution system in the US market. The company has hundreds of stores and four distribution centers....
-
Which form of energy is renewable? A. Solar B. Oil C. Coal D. Nuclear
-
There are currently no formal mandatory environmental accounting standards firms must adhere to. Given the lack of regulation, should accountants even bother with preparing sustainability reports?...
-
Cinnamon Depot bakes and sells cinnamon rolls for $1.75 each. The cost of producing 500,000 rolls in the prior year was: At the start of the current year, Cinnamon Depot received a special order for...
-
The newly established legal practice is client-focused and business-oriented, offering customers specialized legal services in the domain of business law. It is a law firm. The firm's primary...
-
Intellectual property laws were initially created to protect creators and foster innovation. Today, some may argue that these laws are used by large corporations to wield unfair competitive advantage...
-
Benziger owns and operates a diner in Voorhees. A young couple entered and ordered burgers and fries and sat at the counter. When Benziger came out of his office in the back, he noticed that the...
Study smarter with the SolutionInn App