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Q. Describe the essential steps in the closing process?
In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue and Dividend accounts are closed not liability, asset, Capital Stock or Retained Earnings accounts. The four essential steps in the closing process are
- Closing the revenue accounts that are transferring the balances in the revenue accounts to a clearing account called Income Summary.
- Closing the expense accounts that are transferring the balances in the expense accounts to a clearing account called Income Summary.
- Closing the Income Summary account that are transferring the balance of the Income Summary account to the Retained Earnings account.
- Closing the Dividends account that are transferring the balance of the Dividends account to the Retained Earnings account.
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders'
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Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
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what is the contributed capital and how do you figure it out?
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