Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An `income summary` account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used .....
Found on
http://en.wikipedia.org/wiki/Closing_entries
Entries that reduce all nominal, or temporary, accounts to a zero balance at the end of each account
Found on
http://www.encyclo.co.uk/local/22398
Journal entries made at the end of the year for closing revenue and expense accounts and transferring the balance to the owner
Found on
https://www.encyclo.co.uk/local/21657
A closing entry is a?journal entrymade at the end of an accounting period to transfer the temporary account balances to the permanent accounts. In other words, closing entries zero out or close temporary accounts and move their balances to permanent accounts to be carried forward to the next period. Closing entries complete the last stage of the?ac...
Found on
https://www.myaccountingcourse.com/accounting-dictionary/accounting-diction
No exact match found.
