Sales Revenue Closing Entry
Closing Entry For Sales Revenue Account As Sales Account is a temporary account, so it is closed to Income Summary Account at the end of the accounting period. Sales reve nue closing entry is recorded when closing entry process is started after all the financial statements are prepared. As, the normal, usual or positive balance of sales revenue account is credit, so in order to close it we need to debit it and credit income summary account. Following journal entry is recorded to close sales revenue account as shown below: Sales a/c XXX ...