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Which account is not closed during the closing process?
nominal accounts
What accounts are both opened and closed during the closing process?
income summary
The journal entry to close the Fees Earnes 100 and rent revenue 25 accounts on December 31 during the closing process would be?
debit accounts receivable 125Credit fee revenue 100credit rent revenue 25
What type of account is always debited during the closing process?
Revenue
What is the minimum number of employees needed to perform the staggered open close procedure?
The staggered open and close procedure is a best practice designed to increase the security and safety of the opening and closing employees. The concept is to look out for each other by staying separated to minimize the opportunity for robbery. The premise for a robbery is to maintain control of the employees. It's much more difficult to control the employees if they are separated. The minimum number of people for the procedure is two. During opening one of the employees stays in their separate vehicle with their cell phone at the ready. The other opens the door, enters and checks inside. They then signal to the signal to the second employee to come inside while the first employee has their cell phone at the ready. If either is approached by a suspicious person or something is amiss, they call 911. When both enter safely the door is locked behind them. The staggered procedure is repeated during closing.
Which account is not closed during the closing process?
nominal accounts
What accounts are both opened and closed during the closing process?
income summary
You know that bank terms differ from bank to bank But you want to know when is the interest paid on business savings accounts on common banks?
Interest earned on your account is paid to the account on the last business day of the calendar quarter. If the account is closed during a quarter, the interest accrued is paid on the closing date.
The journal entry to close the Fees Earnes 100 and rent revenue 25 accounts on December 31 during the closing process would be?
debit accounts receivable 125Credit fee revenue 100credit rent revenue 25
How to balance sheet finalize?
This is rather a long process. When closing the books (preparing your financial statements) for the ending accounting period you want to end with your Balance Sheet. First you prepare a trial balance, then an adjusted trial balance, finally a post closing trial balance. Note that these are basic, these do not include other statements such as Income Statement, Statement of Retained Earnings, Statement of Owners Equity, to name a few. After all the statements are are processed, all expense accounts, earning accounts etc, are closed out, then the remaining accounts (Assets, Liabilities, & Owners Equity) accounts are listed on the balance sheet. Remember the Balance sheet will show net profit (or loss) for that company during the financial period.
What was the Dow in 2008?
The intraday low was 7449.38, during the trading session on November 21, 2008. The closing low was on the preceding day, November 20, 2008, when the Dow closed at 7552.29.
What is the reason behind closing Arby's restaurants in Egypt?
They closed their locations in 16 countries during the 1990s, not just those in Egypt. This was probably a money-saving move, to increase profit-level.
When is Comet closing in the UK?
Comet is closing in the UK during the second quarter of 2013.
How do you calculate closing stock for a shop?
To calculate the closing stock for a shop, you need to consider the beginning inventory, purchases made during the period, and sales made during the period. The closing stock is calculated by adding the beginning inventory and purchases made during the period, and then subtracting the sales made during the period. The remaining balance is the closing stock.
How low did the Dow Jones average go in 2008 - 2009?
The lowest closing price for the Dow in 2008 was 7,552.29 on November 20th.
How do you know if Bank of America is closed on a certain day?
Business closing are often listed with school closings during bad weather. You should tune in to your local television station or check the website for the list. If it is not listed, or you think it might be closed for another reason, you should call the branch to ask.
Why were schools closed during World War I?
Schools were not closed during World War 1.
