Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: Income Summary account as it relates to Inventory adjustment and closing entries

Bottom of Page

1 to 1 of 1

  1.  
  1.  
    At the end of the year, inventory adjustments are done using the Income Summary account. How is this done when the Income Summary account is also use to conduct closing entries to zero-out the balances for the temporary accounts such as Sales and Expenses to prepare the temporary accounts for the next fiscal period? I am kind of confused as to how the two uses of Income Summary account (inventory adjustments and closing entries) go together. Can somebody please explain? Thanks.

1 to 1 of 1

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,440 Visitor Testimonials



What's on AccountingCoach.com?