Assess the truth of this statement: The first closing entry requires a debit to the revenue account(s) for its balance, a debit to the capital account of each partner for his/her share of the net income, and a credit to the expense account(s) for the sum of the debits. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether this statement is true or false. There are no closing entries required for a partnership.

Identify the statement below that is correct: Multiple Choice Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction. The left side of a T-account is the debit side.

1- Please explain what closing entries are and why they are necessary. 2 -Please give an example of a closing entry and include a description. 3- please give an example two accounts that do not require a closing entry and why.

Please answer with reason for all why the option is correct and why the other options are incorrect.. Accounting type Question: A Trial Balance shows A. The balance of Profit and Loss Account B. Complete accuracy of accounting done by the accountant C. Arithmetical accuracy of ledger balances D. Balance between assets and liabilities Answer: Option C

What of the following is an incorrect statement? a) The final step in the accounting cycle is to close the temporary accounts. TESTER D Ob) A primary goal of accrual accounting is to appropriately match expenses with revenues. d) All of the statements are correct. c) Conservatism guides accountants to select the alternative that produces the highest amount of net income.

Match the terms with the definitions.   Question 39 options:   The concept that nonbusiness assets and liabilities are not included in the business' accounting records.   A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.   The excess of total revenues over total expenses for the period.   An unwritten promise to pay a supplier for assets purchased or services rendered.   A separate record used to summarize changes in each asset, liability, and owner's equity of a business.   Items a business owns that will provide future benefits.   Reports assets, liabilities, and owner's equity on a specific date.   An economic event that has a direct impact on the business.   Reports beginning capital, plus net income, less withdrawals to compute ending capital.   Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of…

I don’t know how to show all these transactions