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What are the four closing journal entries?
The four closing journal entries are: 1. Close revenue accounts to Income summary 2. Close the expenses accounts to Income summary 3. Close income summary to retained earnings 4. Close dividends and retained earnings. [ ]
Expert answered|andrewpallarca|Points 19261|
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Asked 2/8/2013 1:16:11 PM
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What is the expense recognition principle?
Weegy: expense recognition principle - states that expenses should be recognized in the accounting period when goods and services are used up to produce revenue and know when the entity pays for those goods and [ services. href='http://blueminetreasures.blogspot.com/2008/11/accounting-basic-concepts-and.html&rct=j&sa=X&ei=Ii0PUef7IMjKswbnnoDACQ&ved=0CCwQkA4oAA&usg=AFQjCNHHoFkGlqqLR21SBcK0zLKtnOdYNQ&cad=rja' target=_blank rel='nofollow'>http://blueminetreasures.blogspot.com/2008/11/accounting-basic-concepts-and.html&rct=j&sa=X&ei=Ii0PUef7IMjKswbnnoDACQ&ved=0CCwQkA4oAA&usg=AFQjCNHHoFkGlqqLR21SBcK0zLKtnOdYNQ&cad=rja ] (More)
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Asked 2/3/2013 8:37:56 PM
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What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?
Weegy: lauraAT lauraAT: 8 months ago Short-term liabilities (such as interest, taxes, utility charges, wages) which continually occur during an accounting period but are not supported by an invoice or a written demand for payment. [ When preparing financial statements for that accounting period, such liabilities are estimated on the basis of experience (based on previous payments). Similar increases in the assets of the firm (which may also continually occur) is not taken into account in order to comply with accrual basis accounting rules. Read more: Accruals require adjusting entries as a basis of accounting for issuing the financial statements of a company. The entries are useful in ensuring the financial statement s of a company are the same as those in the bank. Visit the following site for more information ] (More)
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Asked 2/3/2013 9:10:55 PM
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What are the four closing journal entries, why are these necessary? ?
Weegy: The four closing journal entries are: 1. Close revenue accounts to Income summary 2. Close the expenses accounts to Income summary 3. Close income summary to retained earnings 4. Close dividends and retained earnings. [ They are necessary because closing entries made in the accounting cycle bring the income statement accounts to zero so that the new reporting period will start with zero balances. ] (More)
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Asked 2/8/2013 1:19:02 PM
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How would you calculate cost of goods sold?
Weegy: Instructions 1 Calculate the business' beginning inventory. Determine the inventory amount at the beginning of the month. This amount is also the ending balance for the previous month. For example, the beginning balance of $500 for Feb. [ 1 is usually the same $500 ending balance for Jan. 31. 2 Total the amount of inventory purchased throughout the month. If your business bought $100, $200, $350 and $250 in consecutive weeks, the total inventory purchased for the month would be $900. 3 Add the beginning inventory to the amount of inventory purchased in the month. Using the $500 from Step 1 and the $900 from Step 2, the sum would be $1,400. 4 Determine the ending inventory balance for the month. The ending inventory is the value of the inventory left at the end of the month after all sales have been recorded. If you end the month with $350 in inventory, this would be your ending inventory balance. 5 Subtract the ending inventory from the sum of the beginning inventory and inventory purchased during the month. In the example, subtract the $350 ending inventory balance from the $1,400. The balance, Read more: How to Calculate the Cost of Goods | eHow.com ] (More)
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Asked 2/12/2013 3:22:12 PM
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What items make up cost of goods sold and How would you calculate cost of goods sold?
Weegy: To calculate cost of goods sold you would add up how much the goods you bought to sell, the cost to ship them to and from your business, the cost of employees working with them basically all of the costs that you incurred to sell a certain item. [ ] (More)
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Asked 2/13/2013 10:55:13 AM
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