Question: Please help me with this and if you could explain your answers it would be greatly appreciated. Thank you. Accounting 5. Answer the following about
Please help me with this and if you could explain your answers it would be greatly appreciated. Thank you.
Accounting
5. Answer the following about concepts concerning closing entries:
a. What would be the problem if the closing entries were not made
b. After the closing process is completed, what is the nature of the accounts that remainwith balances? What is the nature of accounts that are closed?
c. Would the Salary Expense account show a balance on the first day of the period afterclosing? Why?
d. Would the Cash account show a balance on the first day of the period after closing?Why?
e. What does it mean when an account has been closed?
f. Temporary accounts are reset and transferred to the appropriate owners equity account as anormal part of the process. Describe what would be the appropriate owners equity account to receive the transfer for a sole proprietorship, partnership and corporation.
g. A Post-Closing Trial Balance is prepared from the General Ledger accounts after closing. The closed accounts will not appear on this document. Given the nature of accounts that do appear on the Post Closing Trial Balance, which financial statement could be completely prepared using just the Post Closing Trial Balance?
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