Closing Entry: What It Is and How to Record One
kncmarine 12.07, 2021 BookkeepingComments Off on Closing Entry: What It Is and How to Record OneTo determine the income (profit orloss) from the month of January, the store needs to close theincome statement information from January 2019. Both closing and opening entries record transactions, but there is a slight variation in their purpose. Permanent accounts, also known as real accounts, do not require closing closing entries entries. Understanding the accounting cycle and preparing trial b...