ACCT.PRINCIPLES (LL)-PACKAGE
ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Chapter 5, Problem 7BE
To determine

Closing entries

Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

  • Debit the account: All temporary accounts with credit balances.
  • Credit the account: All temporary accounts with debit balances

To record: Closing entries in the books of B Company.

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