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The income summary account has debits of 85000 and credits of 75000 before closing. Closing income summary will?
Wiki User
∙ 7y ago
increase retained earnings by 10,000
Wiki User
∙ 7y ago
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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.
What is the posting reference in the income summary account when closing it?
#33
After posting the second closing entry to the income summary account the balance will be equal to?
Zero
P4-2A d Post the closing entries Use the three-column form of account Income Summary is account No 350?
income summary
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account?
Income summary account
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.
What is the posting reference in the income summary account when closing it?
#33
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?
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
What is A temporary account used in closing revenue and expense accounts called?
The answer is income summary.
After posting the second closing entry to the income summary account the balance will be equal to?
Zero
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
P4-2A d Post the closing entries Use the three-column form of account Income Summary is account No 350?
income summary
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account?
Income summary account
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to or subtracted from the owner's capital account is?
Income Summary Account
What is another way of saying in conclusion?
In summary to summarize finally in closing
