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    Petus's Avatar
    Petus Posts: 1, Reputation: 1
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    #1

    Feb 23, 2012, 09:32 PM
    Income summary?
    An expense is closed with a debit to the expense and the credit to the income summary account?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Feb 24, 2012, 06:10 PM
    I think you have the equation reversed.

    Income is a credit in the income summary account, expenses are a debit.
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