 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
All closing entries zero out income and expense items and adjust them to Income Summary. The Income Summary is then closed by adjusting to Retained Earnings. Do you understand what the entry would be? If you'd like to have it checked, post your entry and we'll be sure you are correct. Thanks. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Cresent Corporation's interest revenue for 2011 was $13,100. Accrued interest receivable on December 31, 2011, was $2,275 and $1,875 on December 31, 2010. The case received for interest during 2011 was Was it $10,825? Would'nt that be the cash that was the principle that the interest came...
Interest on all notes was collected on May1. The rate is 12% per year. The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable carried over from the preceding period. The accrued interest receivable debited in the preceding...
How do you calculate interest revenue?
What is interest revenue and where on the income statement is it reported?:rolleyes:
Globo company accepted a $8000. Interest-bearing note receivable from a client on July 1. The note requires payment of 12% annual interest, and both the principal amount of the note and the interest will be due six months later, on Dec.31. If financial statements are prepared at the end of July,...
View more questions Search
|
