2
2
9
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.
Correcting entries correct errors. Adjusting entries fine tune the accounts.
2
9
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.
Correcting entries correct errors. Adjusting entries fine tune the accounts.
[Debit] Accounts payable [Credit] Cash / bank
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
good to sent
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
closing entries