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    SOSMOM's Avatar
    SOSMOM Posts: 10, Reputation: 1
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    #1

    Jan 22, 2007, 03:58 PM
    Closing entries...
    I need to make closing entries and I am confused as to exactly what form are the closing entries made on? Is it the Trial Balance sheet or the Income Statement? :(
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jan 22, 2007, 10:34 PM
    Hello SOSMOM,

    Closing Entries.

    You are closing your Income Statement accounts.

    Dr. Income Summary XXX
    Cr. All of your expenses XXX

    Dr. Revenue XXX
    Cr. Income Summary XXX

    Dr. Income Summary XXX
    Cr. R/E XXX
    That is assuming it's a debit balance in Income summary. If its not, just flip it.

    I assume this is for school?

    If not, you really don't have to do Income Summary, you could just send it right to R/E

    Also, close Dividends to R/E
    Dr. R/E XXX
    Cr. Dividends XXX

    See this webpage for more info: Closing Entries
    pirate10's Avatar
    pirate10 Posts: 2, Reputation: 1
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    #3

    May 23, 2007, 05:05 PM
    Quote Originally Posted by SOSMOM
    I need to make closing entries and I am confused as to exactly what form are the closing entries made on? Is it the Trial Balance sheet or the Income Statement? :(
    The adjusted trieal balancec
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