On December 31,the Ledger of Hartley Engineering Company Contained the Following

question 6

Essay

On December 31,the ledger of Hartley Engineering Company contained the following account balances: All the accounts have normal balances.Journalize the closing entries.Use 6 as the general journal page number.

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Definitions:

Direct Method

A cash flow statement approach that lists major classes of gross cash receipts and payments.

Revenues and Gains

Income generated from normal business operations and other positive financial events.

Cash Flows

The complete sum of funds flowing into and leaving a business, significantly impacting its liquidity.

Net Income

is the total earnings of a company after all expenses and taxes have been subtracted from total revenue; a key indicator of financial health.