what are the four entries to close an account in accounting?

0 ⤊

what are the four entries to close an account in accounting?

2007-03-27 18:30:39 · 2 answers · asked by loca420 3 in Business & Finance ➔ Other - Business & Finance

2 answers

You; close the expense account to credit Income summary and revenue account to debit Income summary. You do a Bank reconcilliation and a reconcilliation on Accounts Receivables and payables. Then go in for a Trial Balance.

2007-03-27 19:22:58 · answer #1 · answered by Mathew C 5 · 0⤊ 0⤋

I don't know much about accounting but thought this can help: http://info.lifequery.com/accounting/

2007-03-27 18:40:23 · answer #2 · answered by candy 3 · 0⤊ 0⤋