Example of closing journal entries.Full description
A very brief note on the the least basics of sole proprietorship. When asked whether sole proprietorship has FDI or not.....never, ever, ever say YES!!Full description
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Number Closing NotesDescripción completa
Closing Journal Entries For Sole Proprietor Proprietorship ship or Partnership
Journal Entry
DESCRIPTION
Account Titles
Dr
Cr
REVENUES: CLOSE ALL REVENUES TO INCOME SUMMARY
Fees Earned
XXX
Income Summary
XXX
EXPENSES:
Income Summary
CLOSE ALL EXPENSES TO INCOME SUMMARY
XXX
Salaries Expense
XXX
Supplies Expense
XXX
Rent Expense
XXX
Insurance Expense
XXX
Interest Expense
XXX
Depreciation Expense
XXX
INCOME SUMMARY:
Options 1 or 2
CLOSE THE BALANCE OF THE INCOME SUMMARY ACCOUNT INTO OWNER’S EQUITY WHEN IT IS A NET INCOME (CREDIT BALANCE)
Income Summary
CLOSE THE BALANCE OF THE INCOME SUMMARY ACCOUNT INTO OWNER’S EQUITY WHEN IT IS A NET LOSS (DEBIT BALANCE)
Owner s Name, Capital
XXX
’
Owner s Name, Capital ’
XXX XXXX
Income Summary
XXX
DIVIDENDS: CLOSE DIVIDENDS INTO OWNER’S EQUITY ACCOUNT.
