Solution Found!
Journalizing the Closing Entries a. Which account(s) are used to close temporary
Chapter 20, Problem 1(choose chapter or problem)
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.