When done properly, how many journal entries are involved in the closing process?
A)2
B)5
C)3
D)4

Name: When done properly, how many journal entries are involved in the closing process? A)2 B)5 C)3 D)4
Brand: Quizplus
Rating: 4.9 (29 reviews)

Question

Quizplus · Accepted Answer

The closing process typically involves 4 journal entries: closing revenue accounts to Income Summary, closing expense accounts to Income Summary, closing Income Summary to Retained Earnings, and closing Dividends (or Withdrawals) to Retained Earnings.

When Done Properly, How Many Journal Entries Are Involved in the Closing