Accounting 1st 9-Weeks Part 4

Match it! Select the correct answer from the pull down...Good luck!

Journal entries made to close out or reduce to zero the balances in the temporary capital accounts and then transfer the net income or loss to the capital account

When closing the withdrawals account, transfer the balance in this account to the

Office Supplies would normally have a ___________ balance.

Closing entries close the net income or net loss into the

When revenue accounts are closed, the Income Summary account is _______.

The account in the general ledger used for summarizing the revenue and expenses for a fiscal period

A journal entry having two or more debits and/or credits

To close an expense account, _____________it.