Close all income statement accounts with debit balances to the income summary account

Close all income statement accounts with debit balances to the income summary account

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Close all income statement accounts with debit balances to the income summary  account. The entry shown below assumes the inventory account was updated with 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: adjusting entries and, therefore, does not include it....
View Full Document

This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

Ask a homework question - tutors are online