Companies prepare an income summary and an income statement at the end of an accounting period. While an income summary is a clearing account used to close income-statement accounts at the end of a ...
Closing entries are the journal entries recorded at the end of an accounting period to close out balances of income statement accounts and transfer them to the account of retained earnings in the ...
Closing entries transfer revenue and expense balances to the retained earnings account. This process resets the temporary account balances to zero for the new accounting period. Recording closing ...
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