wichieng
Nov 15, 2013, 02:29 AM
How can we record journalize clising entries?
pready
Nov 15, 2013, 07:28 AM
The closing process is 4 steps:
1.Close your revenues to the Income Summary account.
2. Close your expenses to the Income Summary account.
3. Close your Income Summary account to Retained Earnings.
4.Close your Dividends account to Retained Earnings or your Drawings account to the Owners Capital account.
Finally close out Income Summary to Retained Earnings.