iSODREW5586 iSODREW5586
  • 03-10-2017
  • Social Studies
contestada

There are two closing entries. the first one is to close _____; the second one is to close _____.

Respuesta :

andriansp andriansp
  • 10-10-2017
i believe the answer is revenue; expense
Revenue and expense in accounting should be separated from each years of operations (because it is only a temporary account). Which means, that everytime a company enter a new operating year, all the expense and revenue from last year must be closed to avoid confusion.
Answer Link

Otras preguntas

III MODULE 2. NUMBERS AND QUANTITIES Converting between compound units: Advanced A car is traveling at a rate of 35 meters per second. What is the car's rate in
Consider the diagram below and Solve for x
Explain, using the particle theory, why(i) the solid, sodium chloride, has a fixed shape,​
Match each multiplication problem with the answer
who likes hyperpop music ?
which statement best describes a common economy
BRAINLIEST!!Calculate the rate of change. ​
Fruits ripen due to an enzyme converting starch into sugar. Keeping fruits in the refrigerator slows this process. Which sentence explains why? Enzymes are sola
what is the relation between acceleration due to gravity and the radius of earth​
How do you know when a sequence is arithmetic vs. geometric?