Posted by Accounting Buff on Wednesday, September 26, 2007 at 10:44am.
ANSWER THIS SURVEY ASAP:
A compound entry in the general journal is made to close expense accounts.
The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account.
Withdrawals by the owner for personal use do not affect net income or net loss of the business.
After the closing entries are posted, the balance of the owner's capital account agrees with the amount of owner's equity shown on the balance sheet for the period.
The temporary owner's equity accounts are closed because they apply to only one accounting period.
"Income and Expense Summary" is another name for the Income Summary account.
To indicate that the column totals of the sales journal have been posted, a check mark is entered under the column total.
The abbreviation S1 in the Posting Reference column of an account shows that the data were posted from page 1 of the sales journal.
A customer who returns goods or receives an allowance is entitled to a credit for the appropriate amount of sales tax if tax was charged on the original sale.
The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the balance sheet.
- ACCOUNTING - Ms. Sue, Wednesday, September 26, 2007 at 10:46am
This doesn't look like a survey to me. It looks like an assignment that your instructor expects YOU to answer.
- ACCOUNTING - anserman, Wednesday, September 26, 2007 at 11:33am
- ACCOUNTING - kas, Friday, August 29, 2008 at 8:13pm
- ACCOUNTING - accounting wiz, Sunday, October 19, 2008 at 9:23pm
i agree with ms. sue
- ACCOUNTING - q, Friday, July 2, 2010 at 10:45pm
- ACCOUNTING - Jamal, Monday, February 11, 2013 at 4:58pm
The post closing trial balance contains balance sheet accounts only.
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