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Which of the following accounts would not be debited in the process of preparing closing entries for Bargain World Inc?
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∙ 10y ago
Dividends.
Income Summary.
Retained Earnings.
Service Revenue.
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∙ 10y ago
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What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
What are the 9 steps of accounting cycle?
# Collecting and analyzing data from transactions and events. # Putting transactions into the general journal. # Posting entries to the general ledger. # Preparing an unadjusted trial balance. # Adjusting entries appropriately. # Preparing an adjusted trial balance. # Organizing the accounts into the financial statements. # Closing the books. # Preparing a post-closing trial balance to check the accounts.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is closing entry?
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
What are the 9 steps of accounting cycle?
# Collecting and analyzing data from transactions and events. # Putting transactions into the general journal. # Posting entries to the general ledger. # Preparing an unadjusted trial balance. # Adjusting entries appropriately. # Preparing an adjusted trial balance. # Organizing the accounts into the financial statements. # Closing the books. # Preparing a post-closing trial balance to check the accounts.
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is closing entry?
A closing entry is when data in the temporary accounts, is transferred to the permanent balance sheet, or to the income statement accounts.
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
What type of account appear on a post closing trial balance?
The types of accounts that appear on the post-closing trial balance are the permanent accounts; Assets, Liability and Owner's capital. Permanent accounts is also called real accounts.
Can having too many charge accounts or closing extra accounts negatively affect your credit score?
if you have too many open accounts and owes money, it does affect your credit score. your debt ratio is too high, and you will have difficult time applying for any kind of loans. when closing your accounts, and they are paid off. at first, it will lower your credit score, then will incrase following month or two. asian623 http://www.myspace.com/scionturboracing
What is the purpose of closing entries?
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.
A post-closing trial balance contains?
Post-Closing literally translated means "after the closing". A post-closing trial balance is created after all temporary accounts (expenses, revenue) are closed to the income summary and then the statement of retained earnings.The post closing trial balance will contain these permanent accounts. Assets, Liabilities, and all Equity accounts. (including retained earnings and stock)
Which accounts requires a closing entry?
cash in bank
What is the most useful aid to the accountant in preparing closing entries?
Work Sheet
