I am working on how to do end of year closing.1) Is Income Summary the only account to use when clearing out temporary accounts?2) Please tell me all accounts that are temporary3) Are Revenue and Expenses cleared out by using Income Summary account at the same time?4) Are Retained Earnings and Dividends closed out at the same time using Income Summary?

Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue

The ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz, Capital after closing? Show your calculations.

Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summary

The post-closing trial balance submitted to you by the bookkeeper of Tafoya Consulting Company is shown below. Assume that the debit total (41,048) is correct. a. Analyze the work and prepare a response to what you have reviewed. b. Journalize the closing entries. c. What is the net income or net loss? d. Is there an increase or a decrease in Capital? e. What would be the ending amount of Capital? f. What is the new balance of the post-closing trial balance?

The partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owners equity, revenue, and expenses. 3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 5,840

After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to record the closing entries. Closing entries zero out the temporary owners equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income or net loss and the withdrawals to the Capital account. In addition, the closing process prepares the records for the new fiscal period. Required 1. Journalize the dosing entries in the general journal. (If you are using Working Papers to prepare the closing entries, enter your transactions beginning on page 5.) 2. Post the closing entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a post-dosing trial balance as of October 31, 20--. Check Figures 1. Debit to Income Summary second entry, 12,023.25 2. Post-closing trial balance total, 37,420.00

Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary

Carter Corp. uses the "Income Summary" account when it makes its closing entries. The following information is available for the year ending 12/31/X1: The "Service Revenue" account has an account balance of $200,000. The "Salaries Expense" account has an account balance of $75,000. The "Dividends" account has an account balance of $10,000. Required: Assuming these three accounts are the only temporary accounts Carter has at year-end, prepare their closing entries.

after preparing and posting the closing entries for revenues and expenses the income summary accounts has a debit balance of 24000 the entry to close the income summary account will be?