identify the first closing entry: multiple choice question. close income summary account to the owner's capital account close expense accounts to the income summary account close the drawing account to the owner's capital account close revenue accounts to the income summary account

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10-12-2022
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identify the first closing entry: multiple choice question. close income summary account to the owner's capital account close expense accounts to the income summary account close the drawing account to the owner's capital account close revenue accounts to the income summary account

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namrata421 namrata421 · Answer 1 · 2022-12-16T09:11:36+01:00

At the conclusion of the accounting period, a closure entry is written in the journal where data are transferred from temporary accounts to permanent accounts.

What is the opening statement?

All revenue accounts are transferred to the income summary after first recording a closing entry. A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures.

What is the point of the first and last entry in the journal?

A closing entry is made to transfer funds from a temporary account to a permanent account at the end of an accounting period. Companies use closure entries to reset temporary accounts, which show balances for a particular accounting period, to zero.

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