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 such as retained earnings . It is passed at the end of the accounting period, to transfer the final balance. To Prepare: The closing entries at January 31, 2018.

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Answer 1

Question

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

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Answer 2

Question

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

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Answer 3

Question

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

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Answer 5

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

Answer 6

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

Answer 7

Chapter 4, Problem 4.21E

1.

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 such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.

To Prepare: The closing entries at January 31, 2018.

Answer 8

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

Answer 9

2.

To determine

The net income or net loss earn by S Company earned for the year ended January 31.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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The net income or net loss earn by S Company earned for the year ended January 31.

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