Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Get immediate and reliable answers to your questions from a community of experienced professionals on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

what accounts are closed during the closing process? Please answer in complete sentences

Sagot :

kayleemitchell25

Answer:

Brainliest pls

Explanation:

Just income, cost, and profit accounts are shut not a resource, responsibility, Common Stock, or Retained Earnings accounts. The four fundamental stages in the end interaction are: Closing the income accounts-moving the credit adjusts in the income records to a clearing account called Income Summary.
Each cycle, temporary accounts such as revenue, cost, and dividends paid are closed. However, the balance sheet's assets, liabilities, and owner's equity accounts remain open. These permanent accounts and their ending balances serve as the basis for the subsequent accounting period's beginning balances.
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.