Accounting I Completing The Accounting Cycle

Front 1

What are the Temporary Accounts and Name Them?

Back 1

Accounts that Accumulate Datat for One Accounting Cycle. These are the Income Statement Accounts (Operations), Revenues, Expenses, Withdrawals and Income Summary

Front 2

What are Permanent Accounts and Name Them

Back 2

These Accounts Carry their Balance to the Next Cycle, These Include the Balance Sheet Accounts, Assets, Liabilities and Owner's Equity

Front 3

What are the End Results of the Closing Process for Temp Accounts?

Back 3

Revenues, Expenses and Withdrawals Will End with a Zero Balance

Front 4

What are the End Results of the Closing Process for the Permanent Accounts?

Back 4

The Permanent Accounts Will Reflect All Revenues, Expenses and Withdrawals at Closing

Front 5

What is Income Summary?

Back 5

It is a Temporary Account that Holds All All Revenues and Expenses. Its Balance Will Reflect Net Income or Net Loss and it Closes to the Capital Accounts

Front 6

How do we Close the Revenues Account?

Back 6

Revenues - Debit
Income Summary - Credit

Front 7

How do we Close the Expense Accounts?

Back 7

Income Summary - Debit
All Expenses Accounts - Credit

Front 8

For the 4 Closing Entries in What Order do we Close them?

Back 8

Revenues
Expenses
Income Summary
Withdrawals

Front 9

How do we Close Income Summary?

Back 9

Income Summary Can have a Debit or Credit Entry Depending Upon Whether or Not we Made a Profit
Income Summary - Debit
Capital Account- Credit

Front 10

How do we Close Withdrawals

Back 10

Capital Account - Debit
Withdrawals - Credit