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 on June 30, 2020.

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Answer 1

Question

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

b.

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 post-closing trial balance on June 30, 2020.

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Answer 2

Question

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

b.

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 post-closing trial balance on June 30, 2020.

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Answer 3

Question

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

b.

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 post-closing trial balance on June 30, 2020.

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Answer 4

Question

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

b.

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 post-closing trial balance on June 30, 2020.

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Answer 5

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

b.

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 post-closing trial balance on June 30, 2020.

Answer 6

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

Answer 7

Chapter 4, Problem 7E

a.

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 on June 30, 2020.

Answer 8

b.

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 post-closing trial balance on June 30, 2020.

Answer 9

b.

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 post-closing trial balance on June 30, 2020.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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 that at the end of an accounting year, the revenue, expenses, and owners’ drawing account are closed by preparing the closing entries.

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