Question
Suppose that you are doing end of accounting period closing entries for above accounts. Which one of the followings is the correct entry to close
Suppose that you are doing end of accounting period closing entries for above accounts. Which one of the followings is the correct entry to close Income Summary account?
| DR: Income Summary $50,000 CR: Retained Earnings $50,000 |
| DR: Income Summary $90,000 CR: Retained Earnings $90,000 |
| DR: Retained Earnings $50,000 CR: Income Summary $50,000 |
| DR: Retained Earnings $90,000 CR: Income Summary $90,000 |
You don't need a trail balance use this one
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Public Sector Accounting And Auditing In EuropeThe Challenge Of Harmonization
Authors: I. Brusca, E. Caperchione, S. Cohen, F Manes Rossi
3rd Edition
1137461330, 9781137461339
