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

A 1700 kg 2006 Mustang GT can accelerate from rest to 100 km/h in a time of 5.0 s.  Determine the net amount of work that must be done on the car to cause this
a person who studies word origins and meanings would most likely be a
In Romeo and Juliet act 2, which character serves as a messenger
factoring 12m^2n^2-8mn+1=
Solve the system of equations.3x+3y+6z=33x+2y+6z=74x+4y+7z=4
among the qualities listed on the human relations scale, the most important one for the building new relationship is?
Any number that is divisible by 3 is also divisible by 9.Find a counterexample to show that the conjecture is false.18274548
all fractions between 0 and 1/4
Round 13 513 to the nearest thousand
. What are three factors that could contribute to a source not being credible?