Answer 1 of 10: I have been searching for apartments and hotels in Barcelona and they all seem to have double or twin beds. Are there any queen or king size beds to be found? It seems to me the largest beds are doubles. Thanks for any info.
Correct Answer: To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. â¢ Question 8 0.5 out of 0.5 points Which type of account is always credited during the closing process? Answer Selected Answer: Expense. Correct Answer: Expense.
Temporary accounts, such as revenue and expense accounts, are used to measure flow that occurs over time; they are closed at the end of the accounting cycle. Closing an account means to create an entry that reduces its value to zero. The process of closing all the temporary accounts is known as clearing the accounting year. 1  1. Close the revenue accounts to the clearing account. 2  2. Close the expense accounts to the clearing account. 3  3. Verify the clearing account against the income statement. 4  4. Close the clearing account to retained earnings. Revenue and expense flows result in an increase (profit) or decrease (loss) in owners' equity. At the end of the accounting cycle, the profit or loss of a company is moved to the retained earnings account.