Closing entries
An Adjusted Trial Balance for Tiger, Inc., at December 31 appears below.
Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account.
Definitions:
Cash Collections
The process of gathering and managing the cash received from customers or clients.
Collect
The act of receiving or gathering something, often referring to the collection of payments or receivables in a business context.
Sales
The total amount of goods or services sold by a company within a specific period, contributing to its revenue.
Inventory Turnover Rate
A measure of how many times a company's inventory is sold and replaced over a specific period.
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