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Midterm Page 2

Midterm Page 2 - Closing Accounts Asset Accounts Debit on...

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Closing Accounts Asset Accounts Debit on Balance Sheet Liabilities & Common Stock Payables Unearned Rev Credit on Balance Sheet Depreciation Credit on Asset Side of BS Revenue Accounts Credit on I/S Expense Accounts Debit on I/S Revenue Accounts Closing Entry: Debit Revenue xxx Credit Income Summary xxx Expense Accounts Closing Entry Debit Income Summary xxx Credit Expense xxx I/S Credit = I/S Debit = Net Income Net Income Credit on B/S (balances it) Credit on Retained Earnings Dividends Declared Debit on Retained E. Contra Accounts Accumulated Depreciation Credit Bal Link w/ PPE Allowance for Doubtful Acc Credit Bal Link w/ Acc. R. Sales Returns & Allowance Debit Bal Link w/ Revenue Cash Discount on Sales Debit Bal Link w/ Revenue Record Returns Dr. Sales and Allowances xxx Cr. Accounts Receivable xxx Cash Discounts 2/10, n/30 = 2% D/C within 10 days, Full Amt Due in 30 days.
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