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2010-09-15 Temporary Accounts Question

2010-09-15 Temporary Accounts Question - Temporary Accounts...

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2010-09-15 Temporary Accounts Question.doc Is there any exception to Temporary Accounts include all the accounts on the Income Statement and Owners Drawing? Would a Dividend or a Gain on the Sale of ..... Accounts also be close out? No, since all the accounts on the I/S must reflect activity of this period ONLY then to begin the next accounting period these accounts must be closed and begin next accounting period with zero balances. Remember a dividend is a distribution of income to owners so you would close dividends out only as an expense of the period and remember, Gain on sale is the SAME as
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