This preview shows
page 1. Sign up
to
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
This is the end of the preview.
Sign up
to
access the rest of the document.
- Fall '10
- Ullmann
- Accounting, Income Statement, Revenue, Sales, accounting period, temporary accounts, Truck Sales
-
Click to edit the document details
