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Didn't know it? Knew it? Embed Code - If you would like this activity on your web page, copy the script below and paste it into
your web page. From Chapter 1 to 4
Is it obvious that an error occurred in the preparation and or posting of closing entries if?It is obvious that an error occurred in the preparation and/or posting of closing entries if: all revenue and expense accounts have zero balances. the owner's capital account is debited for the amount of the net loss for the period.
What are the closing entries in accounting?A closing entry is a journal entry made at the end of the accounting period. It involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. All income statement balances are eventually transferred to retained earnings.
Which of the following accounts would be closed at the end of accounting period with a debit?Explanation: The sales account contains the elements of the nominal account that has a credit balance; thus, it is closed by debit in the accounting books at the end of the fiscal period.
Which of the following accounts showing a balance on the postThe correct answer is Option A- Owner's capital
The owner's capital account appears in the post-closing trial balance as it is a permanent account.
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