true what type of account is wages expense expense the order of flow of financial date in acct information systems is as follows analyze, journalize, post what type of account is prepaid rent

true

what type of account is wages expense

expense

the order of flow of financial date in acct information systems is as follows

analyze, journalize, post

what type of account is prepaid rent

asset

what type of account is drawing

owners equity

the journal entry consists of

accounts to be debited and credited

the acct to which the income summary is closed is called

capital

wages earned but not yet paid

debit wages expense and credit wages payable—no closing entries effect cash

what is an example of a long term debt

mortgage payable

wages expense is

is a temporary (reset them every month) account / account that you’ve closed to a zero balance

revenues (-) expenses

$4500 net income

the income statement does not report

withdrawals (drawing has nothing to do with net income)

an income statement (only revenues & expenses, first to be prepared)

contains only temporary accounts

The revenue

debit supplies expense, credit supplies for $450

for the straight line dep method,

dividing by useful life

preferred shareholders give up there

right to vote

for a corporation, instead of posting net income to the capital account you use this account

retained earnings

in the corporation, which of the following gets the first rights to the dividends

preferred stock shareholders

accounts receivable

is a permanent account

what is the purpose of the post closing trial balance

to ensure the debits equal the credits

adjusting entries always affect

 

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