yes
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
yes
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
Many companies vary on when they do closing entries. Closing entries are posted to the journal, then the ledger and then a post closing trial balance is made to determine the Retained Earnings of a business for a certain period of time, many companies do this monthly. However, each company varies on the accounting period they choose to do this in.
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Service Revenue
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Closing entries comes first as name shows post closing entries are after closing entries and it is as simple as name suggests.
which acount have a balance after a closing entry is posted? a)salary expense b)retained earning c)income summary d)revenue
the accounts affected by closing entries are temporary accounts like expenses
the accounts affected by closing entries are temporary accounts like expenses
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.