Journalizing the Closing Entries a. Which account(s) are used to close temporary

Chapter 20, Problem 1

(choose chapter or problem)

Get Unlimited Answers
QUESTION:

Journalizing the Closing Entries

a. Which account(s) are used to close temporary accounts with debit and credit balances?

b. How are temporary accounts with debit balances closed?

Questions & Answers

QUESTION:

Journalizing the Closing Entries

a. Which account(s) are used to close temporary accounts with debit and credit balances?

b. How are temporary accounts with debit balances closed?

ANSWER:

                                                                 Step 1 of 3

Journalizing closing entries is an important step of the accounting cycle as it closes the temporary accounts and returns its balance to zero to start those accounts fresh from the next accounting period.

                                                                 

Add to cart


Study Tools You Might Need

Not The Solution You Need? Search for Your Answer Here:

×

Login

Login or Sign up for access to all of our study tools and educational content!

Forgot password?
Register Now

×

Register

Sign up for access to all content on our site!

Or login if you already have an account

×

Reset password

If you have an active account we’ll send you an e-mail for password recovery

Or login if you have your password back