Closing journal entries:
A) transfer revenues and expenses to asset and liability accounts.
B) transfer assets and liabilities to Retained Earnings.
C) transfer net income (or loss) and Dividends to Retained Earnings.
D) close permanent and temporary accounts.
Correct Answer:
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Q191: Assuming that expenses exceed revenues,which of the
Q192: Which line item is reported on both
Q193: Permanent accounts:
A)are not permitted under GAAP.
B)have their
Q194: Bald Eagle Co.has recorded all the year-end
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Q197: At the end of the accounting period:
A)all
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Q200: What is the purpose of the closing
Q201: A closing entry may include a:
A)debit to
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