Closing Journal Entry For Revenue
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In other words temporary accounts are reset for the recording of transactions for the next accounting period.
Closing journal entry for revenue. Revenue income and gain accounts. Closing revenue expense and dividend accounts general journal entries. Closing entries are based on the account balances in an adjusted trial balance. The closing process reduces revenue expense and dividends account balances temporary accounts to zero so they are ready to receive data for the next accounting period.
Expense and loss accounts. Accountants may perform the closing process monthly or annually. The closing entries are the journal entry form of the statement of retained earnings. By doing so companies move the temporary account balances to the permanent accounts of the balance sheet.
This transfer is accomplished by a journal entry debiting the revenue accounts in an amount equal to its credit balance with an offsetting credit to the income summary account.
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