THE INCOME SUMMARY ACCOUNT

1
THE INCOME SUMMARY ACCOUNT
Debit Total expenses
Credit Revenue (greater than expenses) (Credit
balance is the net income.)
Lesson 17-2, page 426
2
CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT
WITH A CREDIT BALANCE
1
2
1. Heading
2. Date
3. Debit to Close
Lesson 17-2, page 427
4. Credit
3
CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH
DEBIT BALANCES
1. Date
2. Account Debited
3. Credit to Close
4. Debit Total
2
4
Lesson 17-2, page 428
4
SUMMARY OF CLOSING ENTRY FOR INCOME STATEMENT
ACCOUNTS WITH DEBIT BALANCES
(New Bal. 69,615.85)
Closing (costs and expenses) 337,664.15
Lesson 17-2, page 429