Unearned revenue

Which of the following accounts is closed at the end of a fiscal period?What is the normal balance of sales returns and allowances, accumulated depreciation, and unearned revenue respectively?

QUESTION I: Multiple Choice — (15 marks) Answer the multiple-choice questions in the answer booklet, NOT on this document. Assume all companies have a December 31st yearend and follow IFRS, unless otherwise indicated. Ava ltd. is a gym and began its operation on January 1, 2017. The following information is provided for years 2017 and […]

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