The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period.
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Q2: The accounting cycle begins at the start
Q7: The adjusted trial balance columns of a
Q9: After closing entries have been journalized and
Q11: Closing entries are unnecessary if the business
Q12: If a worksheet is used financial statements
Q13: The amounts appearing on an income statement
Q14: Closing the dividends account to Retained Earnings
Q20: Correcting entries are made any time an
Q22: To close net income to retained earnings,
Q26: Preparing a worksheet involves
A) two steps.
B) three
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