Money market funds aren’t FDIC-insured like money market accounts and CDs, but they invest in short-term debt securities that are generally safe. While CDs offer fixed interest rates, which can be especially attractive when rates are expected to drop, money market accounts come with increased liquidity. “The past few years have been a relief for…

Which of the following accounts should be closed to IncomeSummary at the end of the fiscal year? The first day of the subsequent accountingperiod Answer the following questions on closing entries and rate your confidence to check your answer. We want to decrease retained earnings (debit) and remove the balance in dividends (credit) for the…