0
The entry closing the Expense and Revenue Summary is a?
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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
Is closing the revenue account the second closing entry?
no. the first step is closing the revenue account. Then comes expenses and then income summary.
After posting the second closing entry to the income summary account the balance will be equal to?
Zero
How do you balance an expense account?
i think it depends on what entry your using..but usually it the income of cash as a receivable of revenue
What is the journal entry for warranty expense charged against the revenue?
Debit Warranty Expense Credit Warranty Liability
Is a compound entry in the general journal is made to close expense accounts?
A compound entry in a general journal is any entry that has more than one debit or credit value. A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
The entry to close the appropriate insurance account at the end of the accounting period isWhat?
debit Income Summary; credit Insurance Expense
The journal entry to close the Fees Earnes 100 and rent revenue 25 accounts on December 31 during the closing process would be?
debit accounts receivable 125Credit fee revenue 100credit rent revenue 25
What is closing entry of asset?
closing entry of an asset means the adjustment entry we do on the last day of accounting year.
When is direct entry form for 2009 closing?
when is direct entry form for 2009 closing
What does the Profit and Loss statement indicates?
The statement of profit and loss follows a general format that begins with an entry for revenue and subtracts from revenue the costs of running the business, including cost of goods sold, operating expenses, tax expense and interest expense. The bottom line (literally and figuratively) is net income (profit).
