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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign
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on which shares pre acquisiton dividend received
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
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A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
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