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Unformatted text preview: d) Retained earnings accounts has also changed e) The amounts of cash remain the same 11) Adjusting entries are expenses that are recorded at the end of an accounting period to follow the revenue recognition and match the principles. 12) The closing entries are entries made to the last balance sheet that give the picture of the businesses’ shape at the moment and prepares it for the next balance sheet BE3-6 La boucher’s General journal Date account titles and explanations debit credit Nov 1 Rent equipment $2,400 Accounts payable $2,400 Dec 31 dividends $2,400 Cash $2,400 BE3-9...
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This note was uploaded on 04/14/2011 for the course ACCT 3202 taught by Professor Kenmichael during the Spring '11 term at University of Minnesota Duluth.
- Spring '11