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What is the nature of the income summary account and what are the types of summary data that may be posted to this account?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y ago
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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 discount received an income?
Yes it is an income. It will be posted in the credit side of the profit and loss account.
Is accrued income posted as cr to accrued income and debit to sales account net?
no its the opposite Accrude income Dr. Sales Cr. Accrued income is income that has incurred but not yet invoiced.
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What kind of items are posted in the Income statement?
An income statement reports a company's revenue over a period of time. The items posted on the statement are operating and non-operating items including net sales, cost of goods, depreciation, interest, and income taxes.
Where the drawing posted in final account?
Drawings are deducted from Equity Account (Capital) in financial statement
The general ledger usually contains an AP account. What transcations are posted to this control account?
debit
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How can you access a person's YouTube account if they don't have any videos posted they don't have a url but they do have an account?
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How quickly will a payment post to your credit card account when you use visa online bill payment options?
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