asked 168k views
2 votes
How do you prepare closing entries in accounting

asked
User Sharie
by
8.1k points

1 Answer

2 votes
The answer is:

Close all income accounts to Income Summary.
Close all expense accounts to Income Summary.
Close Income Summary to the appropriate capital account.
Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
answered
User Caninonos
by
7.2k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.