Temporary accounts include assets expenses and the owner's drawing account

Asked by admin @ 09/11/2021 in Business viewed by 254 People

In preparing closing entries:_______.

a. each revenue account will be credited.
b. each expense account will be credited.
c. the owner's capital account will be debited if there is net income for the period.
d. the owner's drawings account will be debited.
Which of these accounts is included in the post-closing trial balance?

Answered by admin @ 09/11/2021

Answer:

The correct answer is letter "B": each expense account will be credited.

Explanation:

A Closing Entry is an accounting-period-end journal entry. This closes a temporary account and moves the information either to a permanent balance sheet or to an account with an income statement. Temporary accounts contain revenues, expenses, and dividends and must be closed before the year ends.

In the case of the expenses account -which is a debit account, it must be credited.

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2744 persons

Temporary accounts include assets expenses and the owner's drawing account

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