You are watching: There are two closing entries. the first one is to close _____; the second one is to close _____.
a. The changed trial balance includes the postings of the adjustments for the duration in the balance the the accounts.
Prepaid insurance is reported on the balance sheet as aa. Current liabilityb. Permanent liabilityc. Resolved assetd. Present asset
The balance sheet must be prepareda. After ~ the income statement and also before the declare of owner\"s equityb. Before the earnings statement and the explain of owner\"s equityc. Prior to the income statement and after the explain of owner\"s equityd. ~ the income statement and the declare of owner\"s equity
The classified balance paper will display which legal responsibility subsections?a. Existing liabilities and tomorrow\"s liabilitiesb. Existing liabilities and other liabilitiesc. Current liabilities and also long-term liabilitiesd. Other liabilities and also long-term liabilities
After posting the an initial closing entry come the owner\"s capital account, the balance will be enhanced (decreased) bya. Revenues for the periodb. Zeroc. The net revenue (net loss) because that the periodd. Owner\"s equity
There space two closeup of the door entries. The very first one is come close _____; the second one is come close _____.a. Revenues, expenses and also the drawing accountb. Revenues, expensesc. Revenues and expenses, the illustration accountd. The illustration account, revenues
Which that the following accounts ordinarily appears in the post-closing psychological balance?a. Fees Earnedb. Unearned Rentc. Zane White, Drawingd. Provides Expense
The following accounts were taken indigenous the readjusted Trial Balance columns the the work sheet:Accumulated Depreciation $ 3,200Fees earned 17,400Depreciation price 1,300Insurance cost 400Prepaid insurance 4,800Supplies 900Supplies price 3,800Net revenue for the duration isa. $17,400b. $11,900c. $8,700d. $5,500
The journal entry to close Fees Earned, $750, and Rent Revenue, $175, throughout the year-end closing procedure would bea.Dec. 31Fees Earned750Rent Revenue175 Owner\"s Capital925b.Dec. 31Owner\"s Capital925 Fees Earned750 rent Revenue175c.Dec. 31Revenues925 Owner\"s Capital925d.Dec. 31Owner\"s Capital925 Revenues925
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