Accounting 3?

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Income statement accounts are closed at what stage of the accounting process?

a. At the time that adjustments are made.
b. After adjustments are made and before the income statement is prepared.
c. After the income statement and the statement of retained earnings are prepared, but before the balance sheet is prepared.
d. As the last journal entries at the end of each accounting year.

2007-05-12 13:33:18 · 3 answers · asked by Druid2020 3 in Education & Reference ➔ Higher Education (University +)

3 answers

I would say d.

2007-05-12 13:36:58 · answer #1 · answered by the Boss 7 · 0⤊ 0⤋

At the time adjustments are made
(a)

2007-05-12 20:34:55 · answer #2 · answered by alltheladies009 1 · 0⤊ 0⤋

2007-05-12 20:38:17 · answer #3 · answered by macks2u 2 · 0⤊ 0⤋