You have new items in your feed. Click to view.
Question and answer
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|
Question
Asked 2/8/2013 1:16:11 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
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)
Question
Expert Answered
Asked 2/3/2013 8:37:56 PM
0 Answers/Comments
Revenue and expense recognition important to financial reporting?
Weegy: The revenue recognition principle makes it so that the revenue a company earns is recorded in the same accounting period in which the product or service was sold. The expense recognition principle says that the expense will follow the revenue. [ Basically, whatever money was spent in producing the revenue will be accounted for in the same period as the revenue earned. Most argue that the principles, if followed, will show a more accurate state of being for the company. Others argue that it makes the statements harder to read and that cash basis accounting is better. ] (More)
Question
Expert Answered
Asked 2/3/2013 8:59:30 PM
0 Answers/Comments
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)
Question
Expert Answered
Asked 2/3/2013 9:10:55 PM
0 Answers/Comments
What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
Weegy: Deferrals Deferrals or deferral-type adjusting entries can pertain to both expenses and revenues and refer to the second scenario mentioned in the introduction to this topic: Something has already been entered in the accounting records, [ but the amount needs to be divided up between two or more accounting periods. Deferral of Expenses An accountant might say, "We need to defer some of the insurance expense." That statement is made because the company may have paid on December 1 the entire bill for the insurance coverage for the six-month period of December 1 through May 31. However, as of December 31 only one month of the insurance is used up. Hence the cost of the remaining five months is deferred to the balance sheet account Prepaid Insurance until it is moved to Insurance Expense during the months of January through May. If the company prepares monthly financial statements, a deferral-type adjusting entry may be needed each month in order to move one-sixth of the six-month cost from the asset account Prepaid Insurance to the income statement account Insurance Expense. ] (More)
Question
Expert Answered
Asked 2/3/2013 9:14:21 PM
0 Answers/Comments
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)
Question
Expert Answered
Asked 2/8/2013 1:19:02 PM
0 Answers/Comments
27,199,034 questions answered
Popular Conversations
Color vision deficiency is more common in males than in females ...
Weegy: Color vision deficiency is more common in males than in females because it is controlled by a gene located on ...
3/21/2017 12:01:49 AM| 4 Answers
Find the product. (5p – 6)(5p + 6)
3/21/2017 8:38:45 AM| 2 Answers
Write the decimal as a fraction or a mixed number in simplest form. ...
Weegy: Here is how you can write the decimal to the simplest form. User: Write the decimal as a fraction or a mixed ...
3/21/2017 11:42:41 AM| 2 Answers
Which of the following exercises should be included during warm-up ...
Weegy: Stretching should be included during warm-up and cool-down times. User: Regular exercise will enable you ...
3/21/2017 12:13:31 PM| 2 Answers
In 594 B.C. ______ was chosen as an Athenian statesman with ...
Weegy: In 594 B.C., Solon was chosen as an Athenian statesman with reformation powers. User: ______ were ...
3/22/2017 1:13:29 AM| 2 Answers
Weegy Stuff
S
Points 519 [Total 620] Ratings 0 Comments 519 Invitations 0 Offline
S
Points 477 [Total 477] Ratings 0 Comments 477 Invitations 0 Offline
S
P
P
L
P
Points 218 [Total 1536] Ratings 1 Comments 208 Invitations 0 Offline
S
R
Points 205 [Total 305] Ratings 1 Comments 145 Invitations 5 Offline
S
P
P
L
P
P
Points 143 [Total 1595] Ratings 1 Comments 133 Invitations 0 Offline
S
Points 30 [Total 40] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.