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

    Oct 1, 2009, 10:31 AM
    Temporary account
    Which of the following entries properly closes a temporary account?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 1, 2009, 12:31 PM

    To close out a temporary account you need to transfer the account to the Income Summary Account. After your temporary accounts are close you need to transfer the balance in the Income Summary Account to reatined earnings to close the account.

    For Example you have COGS account balance of 200. To close this account you would credit the account by 200 and debit the Income Summary account for 200.
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