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The journal entry to close the Fees Earnes 100 and rent revenue 25 accounts on December 31 during the closing process would be?
Wiki User
∙ 9y ago
debit accounts receivable 125
Credit fee revenue 100
credit rent revenue 25
Wiki User
∙ 9y ago
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Which account is not closed during the closing process?
nominal accounts
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What accounts will still show a balance after the closing process is completed?
Statement of Account
What accounts are both opened and closed during the closing process?
income summary
The process of posting is associated most closely with the?
transferring journal entries to ledger accounts
The process of transferring the journal entries to the accounts is known as?
Posting
Which account is not closed during the closing process?
nominal accounts
Which business process area maintains GL accounts processes Journal vouchers performs periodic cash balancing activities and conducts period-end and year-end closing?
Which of the following is NOT an activity of the Asset Accounting sub-process
What accounts will show a balance after the closing process is complete?
Statement of Account
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What accounts will still show a balance after the closing process is completed?
Statement of Account
What accounts are both opened and closed during the closing process?
income summary
The process of posting is associated most closely with the?
transferring journal entries to ledger accounts
What are the two major goals of the closing process?
The two major goals of the closing process are: 1- closes temporary accounts, transfer net income 2- withdrawls to the capital account
The usual sequence of steps in the recording process is to?
analyze each transaction, enter the transaction in the journal, and transfer the information to the ledger accounts.
What is posting in accounting?
Posting is recording in the ladgers information from journal. Posting is always from journal.
The procedure of transferring journal entries to the ledger accounts is called?
The whole process of transferring entries from journal to ledger is called posting process.
