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Q: what do you consider might happen if revenue accounts are not closed? Explain why.
A: All of these accounts should be closed to Retained Earnings. Revenues increase Retained Earnings, Expenses and Dividends decrease Retained Earnings. [ So if they are not closed, this would happen: revenue accounts are not closed? Explain why. Retained Earnings would be understated for the current accounting period, and Revenues would be overstated for the next period. o expense accounts are
not closed? Explain why. Retained Earnings would be overstated for the current accounting period, and Expenses would be overstated for the next period. o dividends are not closed? Explain why. Retained Earnings would be overstated would be overstated for the current accounting period, and Dividends would be overstated for the next period. ]
Expert answered|jher000|Points 7242|
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Asked 5/10/2012 1:21:07 PM
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