Where Is The Information Obtained For Journalizing Closing Entries For Revenue, Cost, And Expenses

Where Is The Information Obtained To Journalize Closing Entries For Revenue, Cost And Expenses / Closing Entries Column of Worksheet

The information obtained for Journalizing Closing Entries for Revenue, Cost and Expenses is existed in the closing entries column of worksheet.

Revenue, cost and expenses accounts and dividends are closed to Income Summary Account at the end of the accounting period. All revenue accounts such as fees earned, rent received, etc., and all expense accounts such as rent exp., fees paid, etc., are closed to Income Summary Account. Dividends account is closed to Retained Earnings Account at the end of the accounting when the company's books of accounts are closing. In this process, only temporary accounts are closed while permanent accounts (assets, liabilities and equity) are not closed.