ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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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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ACCOUTING PRIN SET LL INCLUSIVE

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