Similar words: income summary account, summary, in summary, summary judgment, summarize, summarily, summarise, summarizing.
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1. To close the Income Summary account.
2. The balance of the Income Summary account should be transferred to the Retained Earnings account.
3. Conversely, if expenses exceed revenue, the income summary will have a debit balance representing net loss.
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4. Close the income summary account by transferring its balance into the owner's capital account.
5. If the revenue exceeds the expense, the Income Summary account will have a credit balance.
6. In that case, the closing of the income summary account requires a debit to the owner's capital account and a credit to the income summary account.
7. You can close the Sales Revenue account by transferring its balance to the Income Summary account.
8. This transfer is accomplished by a journal entry debiting the revenue account in an amount equal to its credit balance, with a journal entry crediting the income summary account at the same time.
9. Close the various revenue accounts by transferring their balances into the income summary account.
10. Close the various expense accounts by transferring their balances into the income summary account.
11. Closing a revenue account, therefore, means transferring its credit balance to the income summary account.
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