Closing entries
id:
closing-entries-285-3482244
title:
Closing entries
text:
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period.
brand slug:
wiki
category slug:
encyclopedia
description:
Accounting term
original url:
https://en.wikipedia.org/wiki/Closing_entries
date created:
date modified:
2023-12-01T15:19:27Z
main entity:
{"identifier":"Q5135447","url":"https://www.wikidata.org/entity/Q5135447"}
image:
fields total:
13
integrity:
14