Class, let’s work on a Closing Entry Exercise together. Can anyone explain why a company makes Closing Entries . Can someone else tell us when
Class, let’s work on a Closing Entry Exercise together. Can anyone explain why a company makes Closing Entries.
Can someone else tell us when Closing Entries are made at a company? Please feel free to revisit and review the Lecture tab in Weeks 1 and 2. Use the following information to show us how to make one of the three required closing entries for ZZZZ Best Pizza Place Incorporated. Assume that all of the accounts listed below have normal balances. Rent Expense $ 30,000 Salary Expense $ 15,000 Interest Expense $ 9,000 Supplies Expense $ 5,000 Service Revenue $ 90,000 Dividends $ 10,000 Insurance Expense $ 1,000_______________________________________________________________________________________Can someone else tell us what the ending balance in the Retained Earnings account would be after all of the above closing entries are made?
Can anyone explain why a company makes Closing Entries.A company makes closing entries for temporary accounts only. Temporary accounts are thoseaccounts that have a life span of one accounting…