Income Summary Account Journal Entries And T Account
Here, we will study about journal entries related to I ncome Summary Account and then record these entries in its t account or general ledger’s account. As we know that an income summary t account (which is a temporary account) is prepared to close all the revenues and expenses accounts i.e., temporary accounts at the end of the accounting period. So, t here are three possible entries related to the income summary account. 1. Closing All Revenue Accounts The first entry is related with transferring of revenues accounts to income summary account in order to close revenue accounts for the period. The entry to record is shown below: Closing Revenue Accounts Journal Entry Revenue a/c XXX ...