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closing entries using Income statement
 Hey guys All right so that's my worksheet and I am in a periodic system, so basically there's no COGS. In the homework it said "Record closing entries in the general journal. Note that under the periodic inventory system, a Cost of Sales account is not used. Therefore, all accounts that are used to calculate Cost of Sales need to be recorded in the closing entries." I don't get this bit. Oh and another question, in Closing entries using income statement do I just say in the worksheet Dr Income statement 46704 Cr Sales Revenue 46704 then Credit Income statement 46704 ? thanks a lot =) |
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