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What accounts will be closed by debiting the Income Summary account?
Depreciation Expense
What accounts are both opened and closed during the closing process?
income summary
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 accounts are closed to income summary at the end of the fiscal year?
All Sales and Expense accounts are closed and the balancing figure is shown on the Balance Sheet.
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What accounts will be closed by debiting the Income Summary account?
Depreciation Expense
What account is being closed in the income summary?
Accounts receivable
What accounts are both opened and closed during the closing process?
income summary
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 accounts are closed to income summary at the end of the fiscal year?
All Sales and Expense accounts are closed and the balancing figure is shown on the Balance Sheet.
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What accounts should be closed to income summary at the end of the fiscal?
All revenue and expense accounts should be closed to the income summary account, as shown:Revenue xxIncome Summary xxTo close revenue accounts.Income Summary xExpenses xTo close expense accounts.If the business is a merchandising company, the following transactions must also be recorded.Income Summary xxInventory xxTo close opening inventory.Inventory xxIncome Summary xxTo record ending inventory.Supplies Expense
What accounts will be closed to the capital accounts at the end of the fiscal year?
Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
Do income statement accounts closed at the end of the period?
yes, all accounts must be closed at the end of the period on the income statement
Is Accumulated Depreciation closed to the Income Summary account?
false
Which account has a balance equal to net income immediately before it is closed?
income summary account.
What accounts is closed at the end of the year but does not enter the calculation of net income?
the profit and loss account
