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Posting the Closing Entries a. Classify the Income Summary account (asset, liability
Chapter 10, Problem 5(choose chapter or problem)
QUESTION:
Posting the Closing Entries
a. Classify the Income Summary account (asset, liability, owner’s equity, revenue, or expense).
b. How is the posting procedure for closing entries different from the posting procedure for other general journal entries?
Questions & Answers
QUESTION:
Posting the Closing Entries
a. Classify the Income Summary account (asset, liability, owner’s equity, revenue, or expense).
b. How is the posting procedure for closing entries different from the posting procedure for other general journal entries?
ANSWER:Step 1 of 3
Closing entry is the journal entry passed at the end of the period to close the temporary accounts of the business.