Instructors often use an "Audit Test" to verify your work. Common questions include:
: Did a specific withdrawal or expense increase or decrease owner's capital? (Expenses and withdrawals decrease capital). Preparation Tips mini practice set 4 accounting answer key
Closing entries reduce all temporary account balances to zero to prepare for the next accounting period. Debit Sales; Credit Income Summary. Instructors often use an "Audit Test" to verify your work