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!

Please answer all! Thanks! 10 points What are the two main differences

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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