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Author Question: After closing the expense accounts, the total of the expense accounts will appear on the debit side ... (Read 43 times)

mp14

  • Hero Member
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  • Posts: 534
on: Jul 6, 2018
After closing the expense accounts, the total of the expense accounts will appear on the debit side of the Income Summary account.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Explain why the multiple-step format of the income statement is best for analysis?
 
  What will be an ideal response?

Question 3

The balance of the Drawing account is closed to the Capital account.
 a. True
   b. False
   Indicate whether the statement is true or false


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Juro

  • Sr. Member
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Reply #1 on: Jul 6, 2018
Answer to Question 1

True

Answer to Question 2

Many thanks to you.

Answer to Question 3

True


mp14

  • Member
  • Posts: 534
Reply 2 on: Jul 6, 2018
YES! Correct, THANKS for helping me on my review

dantucker

  • Member
  • Posts: 346
Reply 3 on: Yesterday
Great answer, keep it coming :)

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