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debit owners capital
credit drawings account

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10y ago

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Does the journal entry to close a drawing account debit drawings and credits income summary?

debit owners capitalcredit drawings account


What is journal entry for Accrued Revenue?

Accrued Revenue is a term that I rarely see, though it is an Asset and should be treated as such. Accrued Revenue would be treated similar to an Account Receivable. The Journal Entry would be a Debit to Accrued Revenue and a Credit to Revenue.


What is the journal entry to close a revenue account?

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What is the journal entry to close the income summary account when a profit is shown?

debit profit and losscredit owners capital account


What is the journal entry to close expense accounts includes?

The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.


What is the purpose of a closing entry?

Cz when we open a account by passing a journal entry.according to accounting standards you must close the account.so that the balances must match at the end.


What do you do when you close the accounts?

When you close an account you cancel the account, you delete it, if you close an account it won't be there later!!


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Can the bank close your account and not give you the cash at your request?

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