Step 3: Closing the income summary account

  1. All temporary accounts eventually get closed to retained earnings and are presented on the balance sheet.
  2. Corporations will close the income summary account to the retained earnings account.
  3. Closing entries help maintain accurate financial records, facilitate financial analysis, and ensure that each accounting period stands on its own.
  4. The integration of technology into the financial closing process has transformed the way businesses approach this critical task.
  5. The expense accounts and withdrawal account will now also be zero.

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What is the closing entry process?

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