The final bookkeeping entries made at the end of an accounting period to transfer income and expense items to the balance sheet accounts.
Related information about closing entry:
- Closing Entry Definition | Investopedia
A journal entry made at the end of the accounting period. The closing entry is used to transfer data in the temporary accounts to the permanent balance sheet or ...
- Accounting Principles I: Closing Entries
Closing entry 1: The lawn cutting revenue account is Mr. Green's only income ... Closing entry 2: Mr. Green has eight income statement accounts with debit ...
- Closing Entries - QuickMBA
Closing Entry : Revenue to Income Summary ... Once this closing entry is made, the revenue account balance will be zero and the account will be ready to ...
- Closing Entries | Example | Format | Accounting Cycle
If a business has other income accounts, for example gain on sale account, then the debit side of the first closing entry will also include the gain on sale account ...
- Closing Entry: Definition from Answers.com
Journal entry at the end of a period to transfer the net effect of revenue and expense items from the income statements to owners' equity.
- What is closing entry? definition and meaning
Definition of closing entry: The final bookkeeping entries made at the end of an accounting period to transfer income and expense items to the balance sheet ...
- What is a Closing Entry?
Brief and Straightforward Guide: What is a Closing Entry?
- Closing Entries - NetMBA
... accounts are closed by transferring their balances to the income summary account. If the expense account balance is $1275, then the closing entry would be: ...