List and Describe the Purpose of the Four Closing Entries

question 135

Essay

List and describe the purpose of the four closing entries.
1. Close revenues to income summary.
2. Close expenses to income summary.
3. Close income summary to capital account.
4. Close drawing account to capital account.

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Definitions:

Online Surveys

Digital questionnaires distributed via the internet to collect data or feedback from a wide audience efficiently.

Primary Data

Information collected directly for a specific research purpose.

Response Rates

The percentage of people who respond to a specific call-to-action in a survey, marketing campaign, or research study.

Online Surveys

A method of collecting data or feedback from a target audience over the internet.