Why on closing journal entries you debit revenue and captial then credit expenses and drawing accounts?

Q: Journalize the entries to record the transactions Refer to the chart of accounts for the exact…

A: Introduction: Journal entry is an accounting entry to record every transaction takes place in an…

Q: Journalize the transactions. (List all debit entries before credit entries. Record journal entries…

A: Journal Entries :— Recording of Financial transaction is called journal entries. If the stock is…

Q: Which of the following journal entries is not applicable to real accounts? a. Correcting entries…

A: The real accounts of the business include all the assets including tangible and intangible assets.

Q: JOURNAL ENTRY

A: Journal entry is the initial entry made in books of accounts as a part of accounting cycle to record…

Q: Journal entry worksheet

A:

Q: When closing income statement accounts having credit balances, which of the following accounts will…

A: The accounts that are temporary in nature are to be closed at the end of a period and these are…

Q: How to close the Revenue accounts journal entry

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: In order to record specific high volume transactions, five special journals are used. They are  1.…

Q: The adjusting entry to take up accrued expenses is recorded in the: (A purchases journal B general…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Post the closing entries using t accounts

A: A closure entry is a journal entry that transfers balances from a temporary account to a permanent…

Q: utions. Every line on a journal page is used for debit or credit entries. CNOW journals will…

A: Journal : It is the primary book of accounts where all the business transactions are recorded at…

Q: Identify which of the following accounts would be included in a post-closing trial balance. Accounts…

A: Post-closing trial balance: Post-closing trail balances are showing balance after closing entries…

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts…

A: Closing entries are those entry of a company that are recorded at the end of each accounting period…

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: dentify the items from the following list that are likely to serve as soùrce documents. (You may…

A: Source documents: It is the document which is a proof that a transaction has taken place. It is the…

Q: Please tell us about permanent and temporary accounts.  Please let us know which financial statement…

A: Balance sheet: It is a statement which reports both assets and liabilities as on a particular date…

Q: Discuss why closing entries are prepared at the end of the accounting period. How are the accounts…

A: The set of journal entries that are passed at the end of an accounting period are known as closing…

Q: The questions to be answered are: Fiona Sporty uses a purchases journal, a cash payments journal, a…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: 1) Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: Required information Journal entry worksheet 1 2 Record the closing entry for revenue accounts.…

A: Closing entries are those journal entries which are passed at the end of accounting period for…

Q: When using a manual accounting information system, which of the following transactions would be…

A:

Q: Draw the diamond rule structure that help in recording journal entries in debit and credit columns…

A: There are five parts to diamond rule structure, they are Asset Expense Income Liability Capital…

Q: The journal entry to close revenues and expenses would involve:

A: Journal entry refers to recording and classifying the business transaction into books of accounts…

Q: Sales invoices are first entered in The Sales Account The Purchases Journal O The Cash Book O The…

A: 1) Correct option is 'The sales journal' Reason :- Sales invoices are first entered in the sales…

Q: If the owner of the business wants to see both the debit and credit entry for a specific…

A: Accounting refers to system which summarize as well as reports the financial and the business…

Q: Record the entry to close the expense account(s).

A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…

Q: After the closing entries have been posted, all temporary accounts should have ____.   Select one:…

A: Answer) The correct answer in the given question is (B) a Zero balance.   Justification Temporary…

Q: When closing income statement accounts having debit balances, which of the following accounts will…

A: In Income Statement expenses has debit balance and Revenue has credit balance. The detailed…

Q: Fiona Sportyuses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Cash payment journal, cash receipt journal, sales journal and purchase journal are special journal…

Q: Prepare a trial balance using the journal entries. If an amount box does not require an entry, leave…

A: In Trial Balance , its necessary that both the Debit side and Credit should be equal, if its not…

Q: Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance…

A: If company uses allowance method  then at the end of the year business will evaluate the estimated…

Q: Journal entry worksheet A C E F > Record the summary journal entry showing cash paid for insurance…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: Kellogg's journal entry to close the revenue and expense accounts should include a:

A: For the closure of revenues and expense accounts, net income for the period should be transferred to…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: How to make t account and journal entry. Please use only these numbers when answering the questions…

A: 1 T account for allowance for bad debts         Date   $ Date   $   Jan-29…

Q: 2. Differentiate journalizing from posting.

A: The difference between debit and credit. recording of whatever inflow of  money is generally done in…

Q: Show a journal entry writing off an account using both the allowance method and the direct write-off…

A: Accounts Receivables - Accounts Receivables are the amount due from the customer but remain unpaid…

Q: Are debits or credits typically listed first in general journal entries? Are the debits or the…

A: Under the double entry book keeping system, every financial transaction is recorded in at-least two…