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
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
What items make up cost of goods sold?
Weegy: Cost of goods sold refers to the cost of products manufactured and sold or purchased and re-sold by the company. [ Cost of goods sold includes the direct cost of producing the product or the wholesale price of goods resold and the direct labor costs to produce the product. Specifically, it can include: Cost of raw materials, Cost of items purchased for resale, cost of parts used to construct a product. Source: ] (More)
Question
Expert Answered
Asked 2/12/2013 3:21:16 PM
0 Answers/Comments
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)
Question
Expert Answered
Asked 2/12/2013 3:22:12 PM
0 Answers/Comments
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)
Question
Expert Answered
Asked 2/13/2013 10:55:13 AM
0 Answers/Comments
20,167,820 questions answered
Popular Conversations
After the Spanish-American War, the _______ reserved the right of the ...
Weegy: After the Spanish-American War, the Platt Amendment reserved the right of the United States to intervene in ...
3/29/2015 10:56:48 PM| 3 Answers
Discretionary spending is spending which requires governmental ...
Weegy: Discretionary spending is spending which requires governmental approval on an annual basis. TRUE. User: ...
3/29/2015 9:27:10 AM| 2 Answers
What is the equation of the line that has a slope of –2 and a ...
Weegy: The answer is B) architecture and music. User: Some nouns that end in -um are made plural by changing the –um ...
3/29/2015 10:39:54 AM| 2 Answers
Simplify (-2)^-3
Weegy: - 2.75 < -3 is a false statement.
3/29/2015 6:07:55 PM| 2 Answers
Weegy Stuff
S
L
P
L
P
P
P
Points 1270 [Total 9156]| Ratings 0| Comments 1270| Invitations 0|Offline
S
1
L
Points 622 [Total 1533]| Ratings 6| Comments 562| Invitations 0|Offline
S
P
C
L
P
L
1
P
Points 510 [Total 7817]| Ratings 8| Comments 430| Invitations 0|Offline
S
L
Points 510 [Total 1015]| Ratings 10| Comments 400| Invitations 1|Offline
S
1
L
L
Points 486 [Total 7987]| Ratings 0| Comments 486| Invitations 0|Offline
S
L
Points 358 [Total 1480]| Ratings 2| Comments 338| Invitations 0|Offline
S
Points 199 [Total 567]| Ratings 3| Comments 169| Invitations 0|Offline
S
Points 145 [Total 145]| Ratings 0| Comments 145| Invitations 0|Offline
S
Points 42 [Total 158]| Ratings 4| Comments 2| Invitations 0|Offline
S
Points 35 [Total 126]| Ratings 0| Comments 35| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.