Temporary Accounts
These two things need to be equal when closing out a temporary account.
What are the Debit and Credit Sides?
These are the types of permanent accounts.
What are Assets, Liabilities, and Owner's Equity.
You close out these types of accounts.
What are temporary accounts?
Trial Balances are prepared before this.
What are Closing Entries?
This is when a Post-Closing Trial Balance is prepared.
What is after Closing Entries?
These are the three types of temporary accounts.
This is the most common type of liability account.
What is Accounts Payable?
You open this account to close entries.
What is Income Summary?
These types of accounts are used in trial balances.
What are Temporary and Permanent Accounts?
These types of accounts are in a Post-Closing Trial Balance.
This is an example of a revenue account.
The difference between permanent and temporary accounts.
Permanent accounts carry their balances from one period to the next. Temporary accounts are closed and reset to zero at the end of an accounting period.
When closing a drawing account, this type of account is used in place of Income Summary.
This is the purpose of the trial balance.
This is the purpose of the Post-Closing Trial Balance.
What is making sure debits are equal to credits.