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    karenr888's Avatar
    karenr888 Posts: 1, Reputation: 1
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    #1

    Aug 1, 2010, 05:52 PM
    Accounting income summary
    There are only a few categories that closed when doing an income summary. Could you please remind me? Thanks
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Aug 1, 2010, 09:21 PM

    When doing an Income Summary,
    ALL Income and Expenses Accounts finish up being closed.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Aug 3, 2010, 10:47 PM

    Then you also close the Income Summary, and finally the dividend or drawing account, whichever you have.
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