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
How would you calculate cost of goods sold?
Weegy: COGS includes the direct costs attributable to the production of the goods sold by a company. This amount includes the materials cost used in creating the goods along with the direct labor costs used to produce the good. [ It excludes indirect expenses such as distribution costs and sales force costs. COGS appears on the income statement and can be deducted from revenue to calculate a company's gross margin. Basically, take everything it costs to make the product(say $50) and subtract it from what you sold the item for ($100), COGS = $50. Now you need to subtract the costs of the sales, distribution, insurance, vehicles, rent, packaging, etc. and then you can tell if you are making a living (different from making a profit). ] (More)
Question
Expert Answered
Asked 2/12/2013 3:10:56 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
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
21,743,897 questions answered
Popular Conversations
Which statement best describes igneous intrusion?
Weegy: Igneous is formed by solidification of magma. User: what element has 81 protons in the nuclei of its atoms? ...
7/28/2015 7:38:30 PM| 4 Answers
The two primary "greenhouse" gases are?
Weegy: A greenhouse gas (sometimes abbreviated GHG) is a gas in an atmosphere that absorbs and emits radiation within ...
7/28/2015 9:33:07 PM| 3 Answers
The familiar constellation Sagittarius is near the Galactic Center of ...
Weegy: The familiar constellation Sagittarius is near the Galactic Center of the Milky Way. Sagittarius is what the ...
7/28/2015 2:39:19 AM| 2 Answers
What are longitudinal waves?
7/28/2015 10:03:14 AM| 2 Answers
When local authors read my short story, they are astounded. Their ...
Weegy: C. creating a good thesis statement User: From the Lands End Observatory I viewed the Grand Mesa with new ...
7/28/2015 11:56:27 AM| 2 Answers
Which of the following BEST reflects the ways in which a gerund can ...
Weegy: Noun BEST reflects the ways in which a gerund can be used. User: What is the difference between action ...
7/28/2015 12:40:19 PM| 2 Answers
Weegy Stuff
S
1
L
Points 803 [Total 1314]| Ratings 1| Comments 793| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
P
1
P
L
Points 560 [Total 10094]| Ratings 3| Comments 510| Invitations 2|Offline
S
L
L
Points 330 [Total 8530]| Ratings 5| Comments 280| Invitations 0|Offline
S
Points 208 [Total 208]| Ratings 0| Comments 208| Invitations 0|Offline
S
Points 171 [Total 171]| Ratings 1| Comments 161| Invitations 0|Offline
S
1
L
L
Points 75 [Total 8455]| Ratings 0| Comments 75| Invitations 0|Offline
S
Points 65 [Total 65]| Ratings 0| Comments 65| Invitations 0|Offline
S
Points 50 [Total 50]| Ratings 3| Comments 20| Invitations 0|Offline
S
Points 40 [Total 40]| Ratings 2| Comments 20| Invitations 0|Offline
S
Points 13 [Total 108]| Ratings 1| Comments 3| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.