Closing entries are made: to make all ledger account balances equal to zero to make all nominal account balances equal to zero O to make all real account balances equal to zero O to close all nominal accounts directly to the capital account

Closing entries are made: to make all ledger account balances equal to zero to make all nominal account balances equal to zero O to make all real account balances equal to zero O to close all nominal accounts directly to the capital account

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 19MC: The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Closing entries are made:
to make all ledger account balances equal to zero
O to make all nominal account balances equal to zero
O to make all real account balances equal to zero
O to close all nominal accounts directly to the capital account

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