ACCOUNTING 9-23 - Utilities expense 180 Supplies expense...

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Accounting Notes 9/23 *Close temporary accounts- revenues, expenses, dividends *“To close” means to ZERO the T-account *Retained earnings is NOT closed Usually 4 closing entries 1. Close revenues 2. Close expense 3. Close income 4. Close dividends Example from class: Service Revenue 16,300 Income summary 16,300 Income Summary 9,200 Salaries expense 5,250 Rent expense 2,000 Depreciation expense 250 Insurance expense 240
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Unformatted text preview: Utilities expense 180 Supplies expense 1,280 Income summary 7,100 Retained earnings 7,100 *The purpose of the post-closing trial balance is to prove the equality of the permanent account balances that the company carries forward into the next accounting period CLICKER: Which of the following could be a proper closing entry? Service Revenue 10,000 Income Summary 10,000...
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