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Subjects>Business>Accounting

What is the journal entry for net income?

Updated: 4/28/2022

Wiki User

∙ 10y ago

Best Answer

No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure

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∙ 10y ago

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Continue Learning about Accounting

What is journal entry to taking funds to reserve account?

[Debit] Net income account [Credit] General Reserves

What is the journal entry to close the income summary account when there was net income for the period involves?

You debit the income summary (which has a credit balance due to a positive net income) for the same amount that is on the credit side to close it out, and you credit retained earnings for the same amount.

What is the journal entry accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

Journal entry for accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

What is journal entry rent income accured?

[Debit] rent income receivable [Credit] rent income

Related questions

Journal entry to zero out net income?

Debit net incomeCredit owner's capital account

What is journal entry to taking funds to reserve account?

[Debit] Net income account [Credit] General Reserves

What is the journal entry to close the income summary account when there was net income for the period involves?

You debit the income summary (which has a credit balance due to a positive net income) for the same amount that is on the credit side to close it out, and you credit retained earnings for the same amount.

What is the journal entry accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

Journal entry for accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

What is the journal entry for collection of other income?

Debit cash / bankCredit other income

What is journal entry rent income accured?

[Debit] rent income receivable [Credit] rent income

What is the journal entry to record accrued interest income?

debit interest receivablecredit interest income

What is the journal entry for accrued interest income from an investment?

Debit interest receivableCredit interest income

What is the Journal entry for income tax paid?

income tax payable Dr ,Bank Cr.

What is the journal entry of rent income?

rent due to landlord

Who should create the journal entry for interest income?

debit interest receivablecredit interest income

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