Which of the following describes the correct sequence of year-end closing entries?
A) Close Revenues to Income summary; close Expenses to Income summary; close Income summary to Retained earnings.
B) Close Expenses to Income summary; close Revenues to Income summary; close Income summary to Retained earnings.
C) Close Revenues to Income summary; close Income summary to Retained earnings; close Expenses to Retained earnings.
D) Close Revenues to Retained earnings; close Expenses to Retained earnings; close Income summary to Retained earnings.
Correct Answer:
Verified
Q77: Lerner Company had the following transactions
Q78: Dallkin Corporation issued 5,000 shares of
Q79: Overton Company had the following transactions
Q80: On December 2, 2014, Ewell Company
Q81: Hot Tamale Company had $120,000 of
Q83: Hot Tamale Company had $120,000 of revenues
Q84: Hot Tamale Company had $120,000 of revenues
Q85: A company had $80,000 of Sales revenue
Q86: A company had $80,000 of Sales revenue
Q87: Hot Tamale Company had $120,000 of revenues
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents