Company X recognizes revenues of $29,000 and expenses of $14,000 during the month of January, and...
Company X recognizes revenues of $29,000 and expenses of $14,000 during the month of January, and revenues of $24,000 and expenses of $12,000 in February. Company X makes closing entries at the end of each month.
What is the balance of company X's revenue account at the end of Feb, before closing entries?
Homework Answers
X company revenue at the end of Feb before closing entries will be equal to revenue in February.
$24,000 revenue in February
The balance of company X's revenue account at the end of Feb, before closing entries is $24,000
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Company X recognizes revenues of $29,000 and expenses of $14,000
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The company considers any difference that is less than 5% of the
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By Month
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