DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
DF: ACCOUNTING PRINC 14E WPNGEC 1 SEM
14th Edition
ISBN: 9781119709947
Author: Weygandt
Publisher: WILEY
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Chapter 5, Problem 6E

a.

To determine

Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The closing entries are prepared to transfer the balance of the temporary accounts to the permanent accounts.

To prepare: The sales section of the income statement.

b.

To determine

Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The closing entries are prepared to transfer the balance of the temporary accounts to the permanent accounts.

To prepare: The closing entries for sales revenue and contra account to sales revenue.

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