Question

Every firms starts its new books in the beginning of each year. since the closing balance of last year have to carried forward to the next year, the first entry in each year`s journal will be the record the previous year`s closing balances of all the assets and liabilities .In this entry the accounts of all assets are debited because assets always show debits balance and the accounts of liabilities and capital are credited because they always show credit balance. these lines related to which entry.​

Answer 1

Answer:

Every firms starts its new books in the beginning of each year. since the closing balance of last year have to carried forward to the next year, the first entry in each year`s journal will be the record the previous year`s closing balances of all the assets and liabilities .In this entry the accounts of all assets are debited because assets always show debits balance and the accounts of liabilities and capital are credited because they always show credit balance. these lines related to which entry.