实用会计英语（ 第二版） 高职高专会计与电算化会计类 李海红 Chapter 10 Closing Entries.pptVIP

尚辅网 尚辅网 Closing Entries Closing Entries Closing Entries Step 1. Closing the credit balances from income statement accounts to the income summary. Closing Entries 尚辅网 Closing Entries 2004 March Credit Debit ? $230 ______ $230 ? $230 ? Closing 29 31 Balance Credit Debit Post. Ref. Item Date Utility Expense Account No. 512 2004 March Credit Debit $120 ______ $120 $120 ? Closing 31 31 Balance Credit Debit Post. Ref. Item Date Telephone Expense Account No. 513 10-* 尚辅网 CLOSING ENTRIES CHAPTER 10 尚辅网 The final bookkeeping entries made at the end of an accounting period to transfer income and expense items to the balance sheet accounts. Definition 尚辅网 The closing entries consist of the four steps: First, the revenue accounts are closed by transferring their balances to the income summary account. Second, the expense accounts are closed by transferring their balances to the income summary account. Third, the income summary is closed by transferring the net balance to capital account. Last, the withdrawals accounts are closed by transferring the balance to capital account. 尚辅网 Closing Entries STEP 1 尚辅网 Jan. 31 Photocopy Fees Earned $9,900 Income Summary $9,900 尚辅网 The posting is shown as following: 2004 March Credit Debit ? $6,000 9,400 9,900 ___ $6,000 3,400 500 ? ? ? $9,900 ? Adjusting Closing 10 19 31 31 Balance Credit Debit Post. Ref. Item Date Photocopy Fees Earned Account No. 411 尚辅网 Closing Entries 2004 March Credit Debit ? $9,900 $9,900 ? ? Closing 31 Balance Credit Debit Post. Ref. Item Date Income Summary Account No. 313 尚辅网 Closing Entries STEP 2 尚辅网 Closing Entries Step 2. Closing the debit balances from income statement accounts to the income summary. Jan. 31 Income Summary $2,821 Office Wages Exp