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© 2000 South-Western Educational Publishing CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE 1 2 3.Record the debit. 1. Write the heading.

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Presentation on theme: "© 2000 South-Western Educational Publishing CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE 1 2 3.Record the debit. 1. Write the heading."— Presentation transcript:

1 © 2000 South-Western Educational Publishing CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE 1 2 3.Record the debit. 1. Write the heading. 4.Record the credit. 2.Write the date. 4 3 (Debit to close) Lesson 9-2, page 205

2 © 2000 South-Western Educational Publishing CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES 2 1 3.Record the credit. 1. Write the date. 4.Record the debit. 2.Income Summary. 4 (Credit to close) 3 Lesson 9-2, page 206

3 © 2000 South-Western Educational Publishing CLOSING ENTRY TO RECORD NET INCOME OR LOSS AND CLOSE THE INCOME SUMMARY ACCOUNT 1 3.Record the credit. 1. Write the date. 2.Record the debit. 3 2 (Capital: credit to record net income) (Income Summary: debit to close) Lesson 9-2, page 207

4 © 2000 South-Western Educational Publishing CLOSING ENTRY FOR THE OWNER’S DRAWING ACCOUNT 1 3.Record the credit. 1. Write the date. 2.Record the debit. 3 (Capital: credit to close) Lesson 9-2, page 208 2

5 © 2000 South-Western Educational Publishing T ERMS REVIEW permanent accounts temporary accounts closing entries Lesson 9-2, page 209

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