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Cornerstones of Financial Accounti...
Describe the four steps in the closing process.
Concept Introduction:
Closing Entries: Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:
- Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.
- Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.
- Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earrings account.
- Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.
To Discuss:
The four steps of the closing entries process.
Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:
- Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account...
Chapter 3 Solutions
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