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The correct order for closing accounts

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Reference no: EM131289374

1. Closing entries:

A. need not be journalized since they appear on the worksheet.

B. need not be posted if the financial statements are prepared from the worksheet.

C. are not needed if adjusting entries are prepared.

D. must be journalized and posted.

2. The correct order for closing accounts is:

A. revenue, expenses, income summary, withdrawals.

B. revenue, income summary, expenses, withdrawals.

C. revenue, expenses, capital, withdrawals.

D. revenue, capital, expenses, withdrawals.

3. Which of the following accounts will be directly closed to Capital at the end of the fiscal year?

A. Salaries Expense

B. Fees Revenue

C. Withdrawals

D. Depreciation Expense

Reference no: EM131289374

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