Jajajaja

One purpose of closing entries - Transfer the results of operations to owner’s equity

The Supplies Expense account is closed by - debiting Income Summary and crediting Supplies Expense

Which of the following journal entries would be used to close a Fees Income account with a $4,200 balance at period-end? - Fees income 4,200 (FIRST) and Income Summary 4,200 (SECOND)

Which of the following accounts typically appears within multiple closing entries? - Owner’s capital account

The entry to close the Income Summary account may include - Debit to income summary and credit to owner’s capital account

In a circumstance where a firm experiences a net loss, and the owner has made withdrawals during the period, which of the following statements is accurate? - The owner’s capital account will be debited within the third closing entry of the closing process.

Which of the following accounts would be closed within the fourth entry of the closing process? - Owner’s drawing account

Which of the following accounts will appear on the postclosing trial balance? - Owner’s capital account

Which of the following statements about the interpretation of the financial statements is not correct? - Interpreting the financial statements can only be performed by auditors.

Which of the following statements is not correct? - The postclosing trial balance must include all accounts that appeared on the adjusted trial balance, and may include additional accounts as well.