Why does the accountant record closing entries at the end of a period?
Question:
Why does the accountant record closing entries at the end of a period?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Accountant transfers results of operations to the owners capit...View the full answer
Answered By
Nandana Wijayarathna
I am a highly experienced writer in several areas,
Business management
Information technology
Business administration
Literature
Biology
Environmental science
History
4.50+
161+ Reviews
399+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Accounting questions
-
The trial balance of Mis-Match Inc. on June 30, 2017 is as follows: The following took place in July 2017: 1. Payments received from customers on account amounted to $1,320. 2. A computer printer was...
-
The trial balance of Mis-Match Inc. on June 30, 2014, is as follows: The following transactions took place in July 2014: The following transactions took place in July 2014: 1. Payments received from...
-
Why does the accountant use a linear representation of cost and revenue behavior in CVP analysis? How is this justified?
-
About "Hilton Honors" 1) Explain what creates value and identify if there are aspects that do not create value. (Please include the citation and references) 2)What is the strength of the Hilton Honor...
-
Nokia (www.Nokia.com), Research In Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow. Required 1. Rank the three companies (highest to...
-
Suppose that the rate of change f' (x) of the average annual earnings of new car salespersons is shown in the figure. (a) If a, b, and c represent certain years, what is happening to f (x), the...
-
Carlson Photography receives royalties based on the use of their photographs with a major client. Every year, the client makes deposits in Carlsons bank account that earns 6 percent compounded...
-
What are the four key factors in a firms credit policy? How would an easy policy differ from a tight policy? Give examples of how the four factors might differ between the two policies. How would the...
-
1) Can the child correctly guess the mean population weight if 4 squash are chosen? Type as: yes or no Check Show answer 2) What is the mean of the sample means? Check Show answer
-
A voltmeter of resistance 500 and a milliammeter of 1.0 resistance are used to measure a resistance by ammeter voltmeter method. If the voltmeter reads 20 V and the milliammeter 100 mA, calculate...
-
Why is a postclosing trial balance prepared?
-
How is the Income Summary account used in the closing procedure?
-
Complete the truth table for the following sequential circuit X D Q Q' JQ K Q' Description B ABXAB 0 0 0 0 1 0 1 0 0 Next state 011 100 101 110 1 1 1
-
One gram of water is placed in the cylinder and the pressure is maintained at 2 . 0 x 1 0 5 Pa . The temperature of the water is raised by 3 1 o C . The water is in the liquid phase and expands by...
-
We can model a human as a cylinder with a height of 1 m = 1 0 0 m and a radius of 1 0 cm = 1 0 - 1 m . What is the best order of magnitude estimate for the number of cells in a human body? Explain.
-
A 42-in. vertical jump consists of two parts. The first stage is the quick acceleration of the center of mass from a crouching to a standing position. The center of mass rises by 20 cm in this stage....
-
A bungee jumper hangs from a bungee cord with zero velocity. If the bungee cord has a spring constant of 18 N/m and the jumper has a mass of 113 kg, how stretched is the bungee cord past its natural...
-
1 0 0 0 protons, each with kinetic energy of 2 x 1 0 to power ( 1 1 ) eV , are packed into 0 . 0 5 moles of argon gas resulting from collisions with argon atoms. The gas is at room temperature at a...
-
Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account,...
-
Based on the scenario described below, generate all possible association rules with values for confidence, support (for dependent), and lift. Submit your solutions in a Word document (name it...
-
An account manager would like to know the balance of a certain customers account. That information can be found in the a. Sales account in the general ledger. b. Accounts receivable ledger. c....
-
Ferrero Bakery made a sale of $80, plus 5 percent sales tax, to a customer using a bank credit card. The credit card company charges a 2 percent discount fee. What is the amount of the credit card...
-
What is the account classification of the Sales Discounts account? a. Expense b. Liability c. Contra-revenue d. Asset
-
Nick hits a ball at 3 ft above the ground with an initial speed of 150 ft/ sec at an angle of 18 with the horizontal. a) Will the ball clear a 20 ft. wall that is 400 ft. away? b) When is the ball...
-
The nurse is taking the health history of a 70-year-old patient being treated for a Duodenal Ulcer. After being told the patient is complaining of epigastric pain, the nurse expects to note which...
-
A female patient with atrial fibrillation has the following lab results: Hemoglobin of 11 g/dl, a platelet count of 150,000, an INR of 2.5, and potassium of 2.7 mEq/L. Which result is critical and...
Study smarter with the SolutionInn App