Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Joutnalize closing entrie (https://www.askmehelpdesk.com/showthread.php?t=775275)

  • Nov 15, 2013, 02:29 AM
    wichieng
    Joutnalize closing entrie
    How can we record journalize clising entries?
  • Nov 15, 2013, 07:28 AM
    pready
    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.

  • All times are GMT -7. The time now is 07:51 PM.