#33
Zero
no. the first step is closing the revenue account. Then comes expenses and then income summary.
increase retained earnings by 10,000
The four closing entries are used to close temporary accounts and prepare them for the next accounting period. They include closing revenue accounts to the Income Summary account, closing expense accounts to the Income Summary account, transferring the balance of the Income Summary account to the Retained Earnings account, and closing dividends (or withdrawals) accounts to the Retained Earnings account. These entries ensure that the temporary accounts reflect a zero balance at the start of the new period.
income summary
Zero
Income summary is called the closing account, clearing account, nominal account,or temporary account?
The four closing entries for a sole proprietorship include: Closing Revenue Accounts: Transfer total revenues to the Income Summary account. Closing Expense Accounts: Transfer total expenses to the Income Summary account. Closing the Income Summary: Transfer the net income or loss from the Income Summary to the owner's Capital account. Closing Drawings: Transfer the owner's withdrawals (or drawings) from the Capital account to zero out the Drawings account.
Income summary is called the closing account, clearing account, nominal account,or temporary account?
no. the first step is closing the revenue account. Then comes expenses and then income summary.
increase retained earnings by 10,000
The four closing entries are used to close temporary accounts and prepare them for the next accounting period. They include closing revenue accounts to the Income Summary account, closing expense accounts to the Income Summary account, transferring the balance of the Income Summary account to the Retained Earnings account, and closing dividends (or withdrawals) accounts to the Retained Earnings account. These entries ensure that the temporary accounts reflect a zero balance at the start of the new period.
income summary
You journalize and post each income or expense individually to its own income/expense account, but use the total of all the income or expense accounts to jounalize/post to the income summary.
The answer is income summary.
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 acount have a balance after a closing entry is posted? a)salary expense b)retained earning c)income summary d)revenue