carolina90
Jun 2, 2009, 03:26 PM
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.
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.