Closing entries are made into which account?
a. Accounts Payable
b. Cash
c. Retained Earnings
d. Stockholders’ Equity
2007-02-06 12:18:12 · 4 answers · asked by Heather M 2 in Business & Finance ➔ Investing
c
2007-02-06 12:25:16 · answer #1 · answered by the Boss 7 · 0⤊ 1⤋
Retaind Earnings
2007-02-08 08:11:24 · answer #2 · answered by felicity728@sbcglobal.net 1 · 0⤊ 0⤋
In American GAAP it is made into Income summary Account into which the Revenue and Payments are closed. Suppose if you have a debit balance in the Payment or expense account you credit that amount in the Income summary. Similarly credit balance in Revenue account or receipts account is debited to Income Summary.
You answers don't seem to have this information in any one of the objects.
2007-02-07 01:17:32 · answer #3 · answered by Mathew C 5 · 0⤊ 1⤋
typically to retained earnings.
2007-02-06 13:46:32 · answer #4 · answered by Awesome Dude 3 · 0⤊ 0⤋