accounting chapter 10

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/6

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

7 Terms

1
New cards

closing entrys

journal entry to close balances and transfer net income/loss to the capital account

2
New cards

post closing trial balance

used to check if debits equal credits after closing

3
New cards

income summary account

used to summarize revenue and expense accounts for the period

4
New cards

compound entry

journal entry with two or more debits/credits

5
New cards

debit side of income summary account

expenses

6
New cards

credit side of income summary

capital

7
New cards

entry with two or more debits or credits

compound entry