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Closing Journal Entry Example 1: Revenue Account, 101
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Journal entry to close sales revenue account:
Debit: Sales revenue 15,000
Credit: Income summary 15,000
To close a revenue account, the revenue account is recorded on the Debit side.
#Financial Accounting #Finance #Financial Statement Analysis #Earnings #Profit #GAAP #Generally Accepted Accounting Principles
Debit: Sales revenue 15,000
Credit: Income summary 15,000
To close a revenue account, the revenue account is recorded on the Debit side.
#Financial Accounting #Finance #Financial Statement Analysis #Earnings #Profit #GAAP #Generally Accepted Accounting Principles
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