0
What account will have a zero balance after closing entries have been jonrnalized and posted?
Wiki User
∙ 13y ago
Service Revenue
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What two purposes are accomplished by recording closing entries?
1.Prepares the accounts affected by closing entries by giving them a balance of 0. 2. to update the owners capital account for the previous period
All of the closing entries will adjust to update that account?
all of the closing entries will adjust to update the retained earnings account.
Where can closing entries be found?
balance sheet
Which account have balance after closing entries are posted?
which acount have a balance after a closing entry is posted? a)salary expense b)retained earning c)income summary d)revenue
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
What is the purpose of making closing entries?
Closing entries in bookkeeping ensures that the books balance for companies. When you omit a closing entry, it looks like the business has more money than it actually does.
What are the journal entries that bring the account up to date at the end of the accounting period called?
closing entries
Which inventory gets into the balance sheets- opening or closing inventory?
Since it is the balance sheet, which is generally prepared at the "end" of a financial period, it would be your closing inventory that goes onto the balance sheet. Once you have made all your adjusting entries and closing of accounts you prepare a Post Closing Trial Balance to check that all accounts remained balance. Since it is the "end" of the year and you are "closing" your books for the Fiscal Year, all adjusting entries are made, this includes taking inventory to get your closing inventory which goes onto your Post Closing Trial Balance and on your Balance Sheet.
What happens after all the closing entries have posted to the general ledger?
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.
What comes first closing journal entries or post closing entries?
Closing entries comes first as name shows post closing entries are after closing entries and it is as simple as name suggests.
What happens after all the closing entries have been posted to the general ledger?
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.
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
