At the end of the accounting period, TockTick Company closes its books (in other words, it...

 

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At the end of the accounting period, TockTick Company "closes" its books (in other words, it closes its accounting records). During that process, which of the following are true? Select all that apply. Asset accounts are closed to retaining earnings Liability accounts are closed to retaining earnings Common stock accounts are closed to retaining earnings Revenue accounts are closed to retaining earnings Expense accounts are closed to retaining earnings Dividend accounts are closed to retaining earnings At the end of the accounting period, TockTick Company "closes" its books (in other words, it closes its accounting records). During that process, which of the following are true? Select all that apply. Asset accounts are closed to retaining earnings Liability accounts are closed to retaining earnings Common stock accounts are closed to retaining earnings Revenue accounts are closed to retaining earnings Expense accounts are closed to retaining earnings Dividend accounts are closed to retaining earnings

Answer rating: 100% (QA)

At the end of accounting period all the temporary accounts are closed but permanen... View the full answer