In preparing closing entries
A) every revenue account will be credited.
B) every expense account will be credited.
C) the owner's capital account will be debited if there is profit for the period.
D) the owner's drawings account will be debited.
Correct Answer:
Verified
Q45: Closing entries
A) are prepared before the financial
Q46: The owner's capital account is
A) a permanent
Q48: A post-closing trial balance will show
A) only
Q49: Closing entries are made
A) in order to
Q51: A post-closing trial balance should be prepared
A)
Q52: When is a post-closing trial balance prepared?
A)
Q53: After closing entries are posted, the balance
Q54: Closing entries are journalized and posted
A) before
Q63: In order to close the owner's drawings
Q79: The closing entry process consists of closing
A)
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