Ask Question
BusinessBusiness
27 November, 16:35

How do you prepare closing entries in accounting

+3
Answers (2)
  1. 27 November, 17:21
    0
    The answer is:

    Close all income accounts to Income Summary.

    Close all expense accounts to Income Summary.

    Close Income Summary to the appropriate capital account.

    Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
  2. 27 November, 19:14
    0
    Like really dont know the answer to this but I wish u luck
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How do you prepare closing entries in accounting ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
How can people learn to see people without prejudement?
Answers (1)
Free cash flow describes the net cash provided by operating activities after adjusting for
Answers (1)
John Gates made $25,000 last year and paid $2,500 in taxes. What percentage of his income did John pay in taxes?
Answers (1)
heridan Company has a materials price standard of $2.00 per pound. 4300 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4300 pounds, although the standard quantity allowed for the output was 4000 pounds.
Answers (1)
What is meant by assessment? Activities that occur between two or more businesses. Provides services for connecting network resources across network domains. Documenting rules, procedures, and guidelines to be tested against a system.
Answers (1)
New Questions in Business
Johansen Corporation has a target capital structure of 60 percent common stock and 40 percent debt. Its cost of equity is 14 percent, and the cost of debt is 8 percent. The relevant tax rate is 30 percent. What is the company's WACC?
Answers (1)
On November 1, 2018, Aviation Training Corp. borrows $49,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31. Required: 1., 2. & 3.
Answers (1)
A stock's price is simply the current market price, and it is easily observed for publicly traded companies.
Answers (1)
Why is important to have a personal financial so important
Answers (1)
Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed the inventory and cost of goods sold using FIFO for comparison purposes.
Answers (1)
Home » Business » How do you prepare closing entries in accounting
Sign Up Forgot Password?