Closing entries Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance. Rules of Debit and Credit: Debit , the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss) Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance. To Journalize: The closing entries for A security service company.

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Answer 1

Question

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

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Answer 2

Question

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

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Answer 3

Question

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

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Answer 4

Question

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

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Answer 5

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

Answer 6

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

Answer 7

Chapter 4, Problem 28E

To determine

Closing entries

Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

Rules of Debit and Credit:

Debit, the revenue account and owners capital account balance. In addition debit owners capital account if it suffer loss (net loss)

Credit, the expense account, owners’ capital if it earn income (net income) and owners’ drawing account balance.

To Journalize: The closing entries for A security service company.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1DQ Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQ Ch. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 9DQ Ch. 4 - Recent fiscal years for several well-known...

Solution Summary: The author explains the rules of debit and credit for revenue and expense accounts.

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Chapter 4 Solutions