closing entry of an asset means the adjustment entry we do on the last day of accounting year.
is closing inventory a current or non current asset
revenues and expenses
debit donationcredit fixed asset
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
dr fixed asset cr bank
is closing inventory a current or non current asset
Yes closing stock is balance sheet item and shown under current asset in asset side.
when is direct entry form for 2009 closing
The entry closing the Expense and Revenue Summary is a?
debit asset and credit asset revaluation
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.
debit asset credit bank
revenues and expenses
Debit Asset accountCredit retained earnings
debit donationcredit fixed asset
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
what is entry of closing stock in p & L a/c & balance sheet