This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: account for a large portion of revenue 6. Unusual transactions and related party transactions IV. Closing Temp. Accts a. Gets the temporary accts ready for the next accounting period i. Process 1. Close revenues to income summary 2. Close Expense accounts to Income Summary. 3. Close Income Summary account to Retained Earnings. 4. Close Dividends to Retained Earnings V. Sales Revenue has a credit balance a. Closing entry requires a debit to the Sales Revenue Account...
View Full Document
This note was uploaded on 09/27/2010 for the course ACG 2021 taught by Professor Thompson during the Fall '10 term at FAU.
- Fall '10