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closing entries are prepaired before?
Weegy: We prepare closing entries for the temporary accounts such as the revenue and expense accounts (see earlier Q&A). The closing entries are recorded after the financial statements for the accounting year are prepared. [ The reason for the closing entries is to ensure that each revenue and expense account will begin the next accounting year with a zero balance. The closing entries require that a debit be entered into each of the temporary accounts having a credit balance. The debit entered must be exactly the amount of the credit balance prior to the closing entry. The objective is to get the account balance to be zero. ] (More)
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Asked 7/27/2013 12:51:33 PM
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is a patent amoritized?
Weegy: A patent is a document that says who owns the rights to an invention. In accounting, patents are amortized over the shorter of the patent's economic life or legal life. (More)
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Asked 7/27/2013 2:30:20 PM
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