Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

At the end of every accounting period, you must close the balances in your sales and expense accounts. You open the income summary account to hold these account balances during the closing process.

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...