Accounting Tutorial: Closing Entries Chapter 13


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closing

Income and Expense Summary
General Journal
General Ledger

Tutorial : Closing Entries

The Accounting Cycle

What's Next

1. What two accounts are temporary stockholders' equity accounts?

Revenue and Expense Accounts receivable and accounts payable Payroll taxes and depreciation

2. To close the sales account, we?

Debit income & expense summary and credit sales Debit sales and credit income & expense summary Debit sales and credit stockholders' equity

3. To close all expense accounts, we?

Credit each expense account and debit the total of all of them to income & expense summary. Debit each expense account and credit the total to income & expense summary Debit sales and credit income & expense summary

4. In a post-closing trial balance?

All asset account should have a zero balance.
All expenses and revenue should have zero balances
All stockholders' equity accounts should have a zero balance.