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respond to this reply in 100 words. I just need a general response income statement accounts. The income statement accounts are revenues, expenses and income
respond to this reply in 100 words.
I just need a general response
income statement accounts. The income statement accounts are revenues, expenses and income summary. These accounts are temporary accounts to record accounting activity during a specific period. They are temporary accounts because the accounts are open in the beginning of the accounting period. Also, it's used to record transactions and events during the period and closed at the end of the period. Permanent accounts are not affected by closing entries because their ending balance will act as the beginning balance for the next accounting period. Assets, liabilities and owner capital accounts are permanent accounts that's on the balance sheet. Explaining in detail and a step-by-step method is way to convince a local business owner that the closing process has an importance and purpose for an accomplished process. First, I would let the owner know that if you care about your business then you need to follow along the process. If the business owner wants the business in operation for a long time, the accountants must do their job to achieve their accomplishments with the closing entries. Lastly, would review all the transactions done during the accounting period on what financial activity impact the business. income statement accounts. The income statement accounts are revenues, expenses and income summary. These accounts are temporary accounts to record accounting activity during a specific period. They are temporary accounts because the accounts are open in the beginning of the accounting period. Also, it's used to record transactions and events during the period and closed at the end of the period. Permanent accounts are not affected by closing entries because their ending balance will act as the beginning balance for the next accounting period. Assets, liabilities and owner capital accounts are permanent accounts that's on the balance sheet. Explaining in detail and a step-by-step method is way to convince a local business owner that the closing process has an importance and purpose for an accomplished process. First, I would let the owner know that if you care about your business then you need to follow along the process. If the business owner wants the business in operation for a long time, the accountants must do their job to achieve their accomplishments with the closing entries. Lastly, would review all the transactions done during the accounting period on what financial activity impact the businessStep by Step Solution
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