Ask Experts Questions for FREE Help !
Ask
    wichieng's Avatar
    wichieng Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 15, 2013, 02:29 AM
    Joutnalize closing entrie
    How can we record journalize clising entries?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Nov 15, 2013, 07:28 AM
    The closing process is 4 steps:

    1.Close your revenues to the Income Summary account.

    2. Close your expenses to the Income Summary account.

    3. Close your Income Summary account to Retained Earnings.

    4.Close your Dividends account to Retained Earnings or your Drawings account to the Owners Capital account.

    Finally close out Income Summary to Retained Earnings.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Closing enteries and post-closing trial balance? [ 4 Answers ]

The following adjusted trial balance contains the accounts and balances of Dayton Company as of December 31, 2008 the end of its fiscal year. (1) Prepare the December 31, 2008 closing entries for Dayton Company. (2) Prepare the December 31, 2008 Post closing trial balance for cruz Company. ...

Adjusting entires, closing entries, post-closing trial balance [ 12 Answers ]

I need to know what an adjusting entry, closing entry, and a post-closing trial balance look like. I will give you the figures of you need them.

Closing entries and post closing trial balance [ 5 Answers ]

Question: The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2008 the end of its fiscal year. (1) Prepare the December 31, 2008 closing entries for Cruz Company. (2) Prepare the December 31, 2008 Post closing trial balance for cruz Company. ...

Win Touch entrie [ 2 Answers ]

When I went to system configuration utility for a different issue I noticed that under the startup tab there was an entrie that said WinTouch. I know that usually software that has "Win" in its name is usually spyware so what specifically does WinTouch do badly to my PC? Should I uncheck it in...

Preparing Closing entries & Post Closing Trial Balance [ 1 Answers ]

I don't quite understand how you incorporate the information into these accounts. For instance, you have Capital $9,000; Wage Expenses $8500; Service Revenue $1000; and Rent Expense $1600.


View more questions Search