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Understanding the closing Journal entry

Considering the opening Journal entry, the records enteredare of different transactions related to business portfolio. After completion of all entry of theserecords, this information has been shifted to the accounts as per its specification.

This transfer of records from one Journal account (temporary) to another specific account (permanent) is called closing Journal entries. In other words, the temporary account will be reset to zero balanceof all records to enter the new value of next period is called closing Journal entries.

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The sequence of closing Journal entry:

For transferring all data from one account (temporary) to another account (permanent), you have to follow the following steps-

  • Close Expense Accounts to Income Summary
  • Close Revenue Accounts to Income Summary
  • Close Income Summary to Retained Earnings
  • Close Dividends to Retained Earnings

Here, the balance of expenses and revenues are shifted to a single Income Summary and then it transferred to Retained Earnings after proper calculation. The dividends of the business financial transaction are also transferred to Retained Earnings. Thus, Income Summary record will be debited, and Retained Earnings will be credited.

While performing this operation, you have to keep your focus on the job. Otherwise, a single mistake in numbers can change all transaction details.

Students should concentrate on studies to understand the prospect of accounting course. With our closing Journal entry homework help services, you can become a successful business personal if you follow them accordingly. There will be no need to hesitate while performing assignments from the very next time.

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