What is the purpose of closing entries?
What will be an ideal response?
Ans: at the end of each period must transfer to the temporary account balances to the permanent Retained Earnings account
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Castle, Inc had the following transactions in 2017, its first year of operations
• Issued 20,000 shares of common stock. The stock has a par value of $3.00 per share and was issued at $19.00 per share. • Issued 2,000 shares of $200 par value preferred stock at par. • Earned net income of $40,000. • Paid no dividends. At the end of 2017, what is the total amount of paid-in capital? A) $820,000 B) $460,000 C) $380,000 D) $780,000
The Double Jeopardy Clause of the Fifth Amendment protects persons from ________
A) evidence procured through unreasonable search and seizures B) confessions obtained through physical force during an interrogation C) being tried twice for the same crime D) being subjected to a heavier penalty or longer imprisonment than originally sentenced