T F Closing entries are necessary to reduce the balances of revenue expense and

T f closing entries are necessary to reduce the

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(T / F ) Closing entries are necessary to reduce the balances of revenue, expense, and Dividends accounts to zero so they are ready to receive data for the next accounting period. Select one:TrueFalseCorrect.The correct answer is 'True'.
Question Correct 7 Mark 1.50 out of 1.50 Question Correct 8 Mark 1.50 out of 1.50 Question Correct 9 Mark 1.50 out of 1.50 Question 10 Correct Mark 1.50 out of 1.50 (T/F) Financial statements can be prepared from the information provided by an adjusted trial balance. (T/F) If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future. (T / F) A journal contains a chronological record of the transactions of a business. "Journalizing" is the process of entering a transaction in a journal. (T/F) The normal balance of an asset is a credit. Select one: TrueFalseThe correct answer is 'False'. ◄ Chart of Accounts (Accessible) Jump to... Video discussion of Quiz 3 answers ►

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