Question: Please answer all! Thanks! 10 points What are the two main differences when posting closing entries for a sole proprietorship and a merchandising business organized
Please answer all! Thanks!

10 points What are the two main differences when posting closing entries for a sole proprietorship and a merchandising business organized as a corporation? The types of accounts and number of accounts O Where you post and how you make entries O You no longer close or balance accounts O How you post and how you make entries 10 points What must be entered in the general journal so that the ledger balances can be updated? O Journal totals Transactions inventory OO Adjusting entries O Balances 10 points The Supplies and Pre-paid Insurance adjustments for a corporation are calculated differently than a service business. O True O False 10 10 points In a sole proprietorship, net income/loss is posted to owner's capital. Where is net income/loss posted for a corporation? Owners Drawing Retained Earning O Capital Account O Liabilities
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