Ask Experts Questions for FREE Help !
Ask
    peruviangurl84's Avatar
    peruviangurl84 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 26, 2010, 09:53 PM
    Which of the following accounts will be closed to the income
    Summary account at the end of the fiscal year? A. Cash B. Accounts Receivable C. Fees Revenue D. Drawing
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Oct 28, 2010, 06:49 AM

    A and B are permanent accounts, therefore they are never closed. C is a temporary account and will be closed at the end of an accounting period.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How can you remove paid closed accounts from negative section of your credit report [ 0 Answers ]

I have accunts that indicated paid, closed. I have contact the collection agency for date of deliqunecy with!! no response.! How do I get these items remove?

Checks wrote on closed accounts [ 10 Answers ]

What happens

Which of the following accounts should be closed [ 1 Answers ]

Which of the following accounts should be closed to Income Summary at the end of the fiscal year? a. Supplies Expense b. Accumulated Depreciation c. Prepaid Expenses d. Unearned Revenues Ithink it is D

Finance and Over the Limit Charges on closed Accounts [ 1 Answers ]

My bank credit card was closed about 7 years ago by grantor due to negative credit on another credit card that I have. At that time, my balance was a little over $400. My limit was $500. Since that time the bank has charged a monthly finance charge of $12 and an over the limit charge of $25.00. The...

View more questions Search