Closing entries, Financial Accounting

Assignment Help:

Closing Entries: Expenses
Below is a list of accounts with corresponding ending balances.
Account: Account Balance
a.Insurance Expense: $1,300
b.Cash: 750
c.Accounts Receivable: 4,000
d.Cost of Goods Sold: 2,300
Prepare one summary entry to close those accounts that should be closed at the end of the year.


Related Discussions:- Closing entries

Auditngrol ., what type of control procedures were ignored at daiwa

what type of control procedures were ignored at daiwa

The opening entries-executorship laws and accounts, The opening entries 1...

The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca

Acts of bankruptcy, ACTS OF BANKRUPTCY The following are the acts of ba...

ACTS OF BANKRUPTCY The following are the acts of bankruptcy on which a petition may be founded: (a) Assignment of property to trustee:   whereby one gives up all his proper

Define the term- how are businesses organised, Define the term- How are bus...

Define the term- How are businesses organised Nearly all businesses which involve more than a few owners and/or employees are set up as limited companies. This means that finan

What are junk bonds, Q. What are Junk Bonds? Junk Bonds - DEBT SECURITI...

Q. What are Junk Bonds? Junk Bonds - DEBT SECURITIES issued by companies with higher than normal credit risk. Considered ‘non-investment grade' bonds, these SECURITIES ordinari

Ownership and control related issue of debt, Q. Ownership and Control relat...

Q. Ownership and Control related issue of debt? Issuing equity is able to have ownership implications for a company particularly if the finance is raised by a placing or offer

Present value of an annuity, Let us assume you expect to obtain Rs.2000 yea...

Let us assume you expect to obtain Rs.2000 yearly for the next three years. The receipt of Rs.2000 is evenly divided. One part that is: Rs.1000 is obtained at the beginning of the

Defunct companies-liquidation of companies, Defunct Companies A company...

Defunct Companies A company may be dissolved under s.338 without winding up if the registrar has reasonable cause to believe it is defunct: The procedure is: a. Registrar writ

Illustrate the budget constraints generate by programs, Consider a worker w...

Consider a worker who earns $8.00 per hour and has no other source of income.  Compare the following two transfer policies: i.  A negative income tax that sets the tax (per day)

What is asset, Q. What is Asset? Asset - An economic resource which is ...

Q. What is Asset? Asset - An economic resource which is expected to be of benefit in the future. Probable futureeconomic benefits attained as a result of past transactions or e

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd