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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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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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What are the four closing journal entries, why are these necessary? ?
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What items make up cost of goods sold and How would you calculate cost of goods sold?
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Asked 2/13/2013 10:55:13 AM
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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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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)
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