0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What type of an account is repair expenses or income?
Expenses if your paying out for repairs / maintenance - Income is you are paid for undertaking repairs
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
What is cod fish?
A type of fish
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 a revenue account?
A revenue account is a type of account that shows a company's income from the sale of its goods and services. It also shows all the expenses associated with those items.
What is the reason for using the Income Summary account?
Income summary is called the closing account, clearing account, nominal account,or temporary account?
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
What account type is salary?
Salary is an expense for business and that's why shown under income statement as an expense.
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.
Which account has a balance equal to net income immediately before it is closed?
income summary account.
What animal type is a cod?
The Cod is a name for a number of fish species, the most common being the Atlantic Cod
Is cod a noun?
Yes the word cod is a noun. It is a type of marine fish.
