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What step are closing entries in the accounting cycle?

Define a closing entry

Closing Entries

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Questions 10

Answers

1
Define a closing entry
used to accumlate and summarize the revenue and expenses
journal entries made to close temporary accounts or reduce to zero
Make sure total debits equal total credits
A journal entry with two or more debits or credits
2
What step are closing entries in the accounting cycle?
Step 8
Step 7
Step 9
Step 6
3
True or False- if revenue is more than expenses the balance is net loss
True
False
4
True or False- you do closing entries in the general journal
True
False
5
Did Mrs. Cap love closing entries or what??????
True
False
6
What is the purpose of closing entries?
To keep track of basketball games
To keep stats during the accounting period
to look smart
to not bring balances back to zero in a new accounting period
7
How many closing entries are there?
100
5
4
1
8
True or false-Rent expense is an account that would need to be closed
True
False
9
What is always the last closing entry?
Revenue to Income summary
Expenses to income summary
Income summary to capital
Withdrawal to capital
10
How would you close revenue to income summary
idk
debit income summary, credit revenue
debit revenue, credit income summary
you cant close revenue to income summary