Question and answer
What is the purpose of closing journal entries?
A closing entry is used in accounting. The purpose of a closing entry is to transfer data from the temporary accounts to the permanent data sheet. [ The closing entry is to bring the temporary account journal balance to 0. ]
Expert answered|Makata|Points 0|
Question
Asked 1/8/2014 6:57:26 PM
Updated 1/8/2014 9:01:41 PM
0 Answers/Comments
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [1/8/2014 9:01:41 PM]
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
define what is the accounting cycle in accounting?
Weegy: Accounting cycle - An accounting information system is a system of collection, storage and processing of financial and accounting data that is used by decision makers. (More)
Question
Expert Answered
Updated 1/10/2014 12:41:53 PM
1 Answer/Comment
The accounting cycle is:
recording in the journal, posting to the ledger, preparing a trial balance, preparing the financial statements and closing the books.

Added 1/10/2014 12:41:46 PM
This answer has been confirmed as correct and helpful.
define the accounting cycle?
Question
Not Answered
Updated 1/10/2014 5:07:19 AM
1 Answer/Comment
Accounting cycle is the sequence of steps in preparing the financial statements for a given period.
Added 1/10/2014 5:07:19 AM
This answer has been confirmed as correct and helpful.
what are assets?
Question
Not Answered
Updated 2/5/2014 11:43:48 AM
1 Answer/Comment
An asset is an economic resource that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.

Added 2/5/2014 11:43:48 AM
This answer has been confirmed as correct and helpful.
what is the definition of GAAP?
Weegy: GAAP stands for Generally accepted accounting principles. It is the common set of accounting principles, standards and procedures that companies use to compile their financial statements. (More)
Question
Expert Answered
Updated 1/9/2014 12:42:09 PM
0 Answers/Comments
describe the accounting cycle.
Question
Not Answered
Updated 1/9/2014 12:37:52 PM
1 Answer/Comment
The eight steps in the accounting cycle are: transactions, journal entries, posting, trial balance, worksheet, adjusting journal entries, financial statements, and closing the books. If you work in accounting, you complete your work by following the steps in the accounting cycle.
Added 1/9/2014 12:37:52 PM
This answer has been confirmed as correct and helpful.
27,885,605
questions answered
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
What is a gland?
Weegy: Pituitary gland is known as the "master gland". User: What gland works in the brain and also makes hormones?
12/4/2018 6:58:27 AM| 5 Answers
Which one of the following is a qualification to becoming the ...
Weegy: A natural-born citizen is a qualification to becoming the president. User: Which one of the following ...
12/6/2018 3:14:39 PM| 4 Answers
The thalamus is part of the A. brain stem. B. ...
Weegy: BRAIN STEM helps regulate heartbeat and respiration. User: Myasthenia gravis is a A. rare disease ...
12/4/2018 7:57:45 PM| 3 Answers
who is richard nixon
Weegy: The 38th US President Gerald Ford was the president after Richard Nixon. User: Phyllis Schalfy
12/4/2018 8:24:17 AM| 2 Answers
Running records and anecdotal records are a form of ____________ ...
Weegy: An anecdotal record is like a short story that educators use to record a significant incident that they have ...
12/4/2018 1:31:11 PM| 2 Answers
S
L
P
C
Points 413 [Total 1457] Ratings 1 Comments 403 Invitations 0 Offline
S
R
L
R
P
R
P
R
R
R
R
P
R
P
Points 375 [Total 2384] Ratings 4 Comments 335 Invitations 0 Offline
S
L
Points 248 [Total 394] Ratings 0 Comments 248 Invitations 0 Offline
S
Points 20 [Total 20] Ratings 2 Comments 0 Invitations 0 Offline
S
Points 20 [Total 20] Ratings 2 Comments 0 Invitations 0 Offline
S
L
R
P
Points 18 [Total 1381] Ratings 0 Comments 18 Invitations 0 Offline
S
Points 12 [Total 12] Ratings 0 Comments 2 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.