Multiple Choice
What is the correct sequence for closing the temporary accounts?
A) revenue accounts,expense accounts,Income Summary,drawing account
B) expense accounts,revenue accounts,Income Summary,drawing account
C) revenue accounts,expense accounts,drawing account,Income Summary
D) drawing account,revenue accounts,expense accounts,Income Summary
Correct Answer:
Verified
Correct Answer:
Verified
Q48: Which of the following steps of the
Q49: The owner's equity in a business amounted
Q50: The journal entry to close revenue accounts
Q51: Match the terms with the definitions.<br>-Accounts that
Q52: The income summary account appears on the
Q54: A separate explanation of each closing entry
Q55: The _ balance sheet shows the liabilities
Q56: Adjusting entries are recorded and posted after
Q57: To close the drawing account with a
Q58: _ accounts do not accumulate information across