At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries. To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

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Answer 1

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Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

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Answer 2

Question

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

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Answer 3

Question

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

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Answer 4

Question

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

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Answer 5

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

Answer 6

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

Answer 7

Chapter 4, Problem 6BE

To determine

Introduction: At the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by a company by transferring their balance to the owners’ capital accounts. This process of closing the accounts is made by preparing the closing entries.

To prepare: The closing entries to close the revenue and expense accounts. Also, post these entries to the revenue and expense account.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Prob. 7Q Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...

Solution Summary: The author explains the process of closing an accounting year's revenue, expenses, and owners' drawing accounts by preparing the closing entries.

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