Definition of close up door Entries

Closing entries happen at the end of an accountancy year to transfer the balances in the short-lived accounts to a irreversible or genuine account. The intended an outcome is because that each temporary account to begin the next accountancy year with a zero balance.

You are watching: Which of the following accounts will be closed by debiting the income summary account?

The short-lived accounts include the earnings statement account (revenue, expense, gain, loss, income summary) and additionally the illustration account the a sole proprietorship. The balances in these accounts will ultimately end up in the sole proprietor"s funding account or the corporation"s retained income account.

Accounts that space Debited in the close up door Entries

The adhering to temporary accounts usually have credit transaction balances that require a debit as part of the closeup of the door entries:

Revenue accountsGain accountsContra cost accounts

Income Statement: Retail/Whsle - Corporation, Multiple-Step

Statement that Owner"s Equity: single Proprietor


*

Free Financial Statements Cheat Sheet


497,846 Subscribers
You are already subscribed. This market is not easily accessible to existing subscribers.
Error: You have unsubscribed native this list.

See more: Is Tap Water A Pure Substance S And Mixtures, Is Distilled Water A Mixture Or A Pure Substance


Step 2: Please examine your email.
Related Questions

To find out more, see the associated Topics noted below:


Related Topics
Income Statement audit Basics accounting

Join PRO or PRO Plus and also Get Lifetime access to ours Premium Materials

Read every 2,238 Testimonials
PROLifetime Access
PRO PlusLifetime Access
Video cultivate
Flashcards
Visual Tutorials
Quick tests
Quick Tests through Coaching
Cheat Sheets
Business develops
All PDF documents
Progress Tracking
Certificate - Debits and also Credits
Certificate - Adjusting Entries
Certificate - financial Statements
Certificate - Balance sheet
Certificate - revenue Statement
Certificate - Cash flow Statement
Certificate - Working resources
Certificate - financial Ratios
Certificate - bank Reconciliation
Certificate - Payroll bookkeeping
Learn More
Learn More
*





bookkeeping CareersCertificates of Achievement