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    carolina90's Avatar
    carolina90 Posts: 1, Reputation: 1
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    #1

    Jun 2, 2009, 03:26 PM
    Step in the closing process
    Which of the following correctly describes a step in the closing process?

    Net income or net loss is transferred to the Cash account.



    Permanent accounts are reset to zero.



    Each revenue and each expense account is closed individually to Retained Earnings.



    Net income or net loss is transferred to Retained Earnings.
    lost??'s Avatar
    lost?? Posts: 234, Reputation: 7
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    #2

    Jun 2, 2009, 08:13 PM
    Net income or net loss is transferred to Retained Earnings
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Jun 2, 2009, 09:42 PM

    Correct answer, but we're really not supposed to just be answering people's homework for them.
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