0
What accounts will be closed by debiting the Income Summary account?
Wiki User
∙ 6y ago
Depreciation Expense
Vivien Lind
Add your answer:
Earn +20 pts
What entries can properly close a temporary account debit income summary credit?
Standard closing entries: Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary. Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts. Close Income Summary to Capital account by debiting Income Summary and crediting Capital account. Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
What accounts will be closed by debiting the Income Summary?
Depreciation Expense
An account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What entries can properly close a temporary account debit income summary credit?
Standard closing entries: Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary. Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts. Close Income Summary to Capital account by debiting Income Summary and crediting Capital account. Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
What accounts will be closed by debiting the Income Summary?
Depreciation Expense
What account is being closed in the income summary?
Accounts receivable
What is A temporary account used in closing revenue and expense accounts called?
The answer is income summary.
An account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
Income summary also called?
The income summary is also referred to as the revenue summary or the profit and loss statement. It serves as a temporary account used to close revenue and expense accounts at the end of an accounting period.
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What is the nature of the income summary account and what are the types of summary data that may be posted to this account?
Income summary is a temporary adjusting account, which eliminates all the revenues and expenses (the temporary accounts) and transfers the effect (profit or loss) to the owner's capital capital account thereby increasing or decreasing it.
Is the account sales returns and allowances closed out to income summary?
It would be closed to this summary. This is because they are considered a form of contra revenue accounts.
What is The Income Summary account is used for?
Income summary is called the closing account, clearing account, nominal account,or temporary account?
What is the reason for using the Income Summary account?
Income summary is called the closing account, clearing account, nominal account,or temporary account?
