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no. the first step is closing the revenue account. Then comes expenses and then income summary.
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After posting the second closing entry to the income summary account the balance will be equal to?
Zero
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
What is journal entry of closing stock?
it s transfer to profit and loss account.
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
After posting the second closing entry to the income summary account the balance will be equal to?
Zero
Which account have balance after closing entries are posted?
which acount have a balance after a closing entry is posted? a)salary expense b)retained earning c)income summary d)revenue
What is journal entry for Accrued Revenue?
Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.
What is journal entry for accrued service revenue?
debit accounts receivableCredit services revenue
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
What is the journal entry for prepaid income?
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
What is journal entry of closing stock?
it s transfer to profit and loss account.
What is the journal entry to close a revenue account?
debit revenuecredit income statement
What is the journal entry account receivables?
Debit accounts receivableCredit sales revenue
What is the bookkeeping entry for a revenue reserve?
The bookkeeping entry for a revenue reserve is a debit to the retained earnings account and a credit to the revenue reserve account. This entry is made to set aside a portion of the profits as reserves for future use or to cover potential losses. By separating the revenue reserve from retained earnings, it allows for better tracking and management of the reserve funds.
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
