[1004572sgs]

I need help. What do you include and where does it go which side I mean like debit and credit. What accts do you use. Wheere do you pull the numbers from. Do you use the closing entries to create a post closing trial balance or what? Please let me know and please emai me back asap bofore this 2/18 midnight. I neeed to know before this mon night please tell me the answer

[pready]

The closing process is closing your temporary accounts i.e. income statement accounts to the balance sheet.

So: You close out your revenues to the Income Summary account, then close out your expense accounts to the Income Summary account.

Next you close out your Income Summary account to Retained Earnings.

Next you close out your dividends or drawings account to your Owners Equity account or Owners Capital account.

Finally for your post closing trial balance will list your balance sheet accounts only with their debit and credit balances, with a total balance of your debits and credits, which must equal.