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There are 4 closing entries. 69) The Withdrawals account is closed to Income Summary. 7

 There are 4 closing entries.

69) The Withdrawals account is closed to Income Summary.

 

70) The Withdrawals account is closed to the Owner's Capital account.

 

71) Real accounts are those accounts with balances that are brought forward to the next accounting period.

 

72) Nominal accounts are called temporary accounts because their balances are not carried forward to the next accounting period.

 

73) Revenues and expenses are closed to the Income Summary account.

 

74) Closing entries are found in the adjustment columns of the worksheet.

 

75) Amortization Expense is closed to Income Summary, but Accumulated Amortization is not closed.

 

76) The income statement and balance sheet sections of the worksheet provide the information needed to prepare the closing entries.

 

77) Each individual revenue account is debited when closing, and the total of all the revenue accounts is transferred to Income Summary.

Dec 06 2019 Read more Less More

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