iSODREW5586 iSODREW5586
  • 03-10-2017
  • Social Studies
contestada

There are two closing entries. the first one is to close _____; the second one is to close _____.

Respuesta :

andriansp andriansp
  • 10-10-2017
i believe the answer is revenue; expense
Revenue and expense in accounting should be separated from each years of operations (because it is only a temporary account). Which means, that everytime a company enter a new operating year, all the expense and revenue from last year must be closed to avoid confusion.
Answer Link

Otras preguntas

When were TVs created?
What are the solutions of the system? Solve by graphing. y = -x^2 - 3x + 2 y = -2x + 2
A flower has 26 chromosomes. To create a new flower,how many would a sperm cell have what is called?
A store has clearance items that have been marked down by 60%. They are having a sale, advertising an additional 55% off clearance items. What percent of the or
A survey of 2,000 doctors showed that an average of 3 out of 5 doctors use brand x aspirin.how many doctors use brand x aspirin
Bobby bought 1.12 pounds of turkey at a cost of 2.50 per pound. Carla bought 1.4 pounds of turkey at a cost of 2.20 per pound. Who spent more and by much?
How were religious services different in the First Great Awakening than in previous generations?
What is the slope of the line?
What is the result of converting 60 ounces to pounds remember there are 16 ounces in a pound
State the formula for density in words and mathematical symbols