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Covers how to close temporary accounts by recording amounts opposite their balances, including examples with credit-balance Sales and debit-balance expense accounts. Explains the Income Summary account, how its balance reflects net income versus net loss, and the four common closing entries for service businesses. Includes instructions to journalize closing entries and answer questions using worksheet data.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/business-virtual-learning-hsaccounting-i-topic-closing-entries-for-sales-expenses-april-28-2020/663500/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/business-virtual-learning-hsaccounting-i-topic-closing-entries-for-sales-expenses-april-28-2020/663500.png","ImageObject",300,407,{"name":92,"@type":93},"Noah","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-10-28",true,{"@type":102,"interactionType":103,"userInteractionCount":14},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the purpose of the Income Summary account?","Question",{"text":112,"@type":113},"Income Summary summarizes the closing entries for the revenue and expense accounts at the end of a fiscal period.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How do you close a temporary account when it has a credit balance?",{"text":117,"@type":113},"To reduce the balance to zero, debit the account for its balance and credit Income Summary for the same amount.",{"name":119,"@type":110,"acceptedAnswer":120},"What happens to Income Summary when total expenses are greater than revenue?",{"text":121,"@type":113},"Total expenses greater than revenue results in a net loss, and Income Summary has a debit balance.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},663500,1793228754,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":44,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143},8796095462418,"https://ap-avatar.wpscdn.com/avatar/80000253c1241d02b47?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778826106357471780","Business Virtual Learning  \nHS/Accounting I  \nTopic: Closing Entries for Sales & Expenses  \nApril 28, 2020  \n\n|  |  |  |\n| --- | --- | --- |\n|  | | Lesson Topics-Closing Entries for Sales & Expenses |\n|  |  |  |\n\nLesson Objectives:  \n1. Journalize closing entries for Income statement accounts  \nLesson Instructions:  \n1. Read the information on the slides and answer the questions on the last slide. Put them in a google doc and send to your teacher.  \n\n| Lesson Topics-Closing Entries for Sales & Expenses |\n| --- |\n|  |\n\nTo close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.  \nFor example, if an account has a credit balance of $3,565.00, adebit of $3,565.00 is recorded to close the account.  \n\n| Lesson Topics-Closing Entries for Sales & Expenses |\n| --- |\n|  |\n\nWhenever a temporary account is closed, the closing entry must have equal debitsand credits. If an account is debited for $3,000.00 to close the account, some other account must be credited for the same amount. A temporary account titled Income Summary is used to summarize the closing entries for the revenue and expense accounts.  \nThe Income Summary account is unique because it does not have a normal balance side. The balance of this account is determined by the amounts posted to the account at the end of a fiscal period.  \n\n| Lesson Topics-Closing Entries for Sales & Expenses |\n| --- |\n|  |\n\nWhen revenue is greater than total expenses, resulting in a net income, the Income Summary account has a credit balance, as shown in the T account.  \nWhen total expenses are greater than revenue, resulting in a net loss, the Income Summary account has adebit balance, as shown in the T account.  \n| Lesson Topics-Closing Entries for Sales & Expenses |\n| --- |\n|  |\n\nMost service businesses have 4 closing entries:  \n1. An entry to close income statement accounts with credit balances.  \n2. An entry to close income statement accounts with debit balances.  \n3. An entry to record net income or net loss and close Income Summary, and  \n4. An entry to close the owner’s drawing account.  \nInformation needed to record the four closing entries is found in the Income Statement and Balance Sheet columns of the worksheet.  \n\n| Closing Entry to close Income statement accounts with a\u003Cbr>Credit balance. |\n| --- |\n|  |\n\nTo reduce the balance to zero, Sales is debited for the amount of the balance. Because debits must equal credits for each journal entry, some other account must be credited. The account used for the credit part of this closing entry is Income Summary.  \nThe balance of Sales is now zero, and the account is ready for the next fiscal period. The credit balance of Sales is transferred to Income Summary.  \n\n| Closing Entry to close Income statement accounts with a\u003Cbr>debit balance. |\n| --- |\n|  |\n\nThe expense accounts have normal debit balances at the end of a fiscal period. The balances ofthe expense accounts must be reduced to zero to prepare the accounts for the next fiscal period.  \nEach expense account is credited for an amount equal to its balance. Income Summary is debited for the total of all the expense account balances. The amount debited to Income Summary is not entered in the amount column until all expenses have been journalized and the total amount calculated.  \n| Lesson Questions-Closing Entries |\n| --- |\n|  |\n\n1. What is the purpose of the Income Summary account?  \n2. If expenses are greater than revenue, is there a net income or loss?  \n3. If expenses are greater than revenue, is the balance of income summary a debit or credit?  \n4. If revenue is greater than expenses, is there a net income or loss?  \n5. If revenue is greater than expenses, is the balance of income summary adebit or credit?  \n6. Record the following closing entries on a t-accounts:  \na . Sales of $43,678  \nb. Expenses of $21,498","cbCaipWewLdlSCHL","https://ap.wps.com/l/cbCaipWewLdlSCHL","pdf",417163,"English","# Lesson Objectives\n## Journalize closing entries for Income statement accounts\n# Lesson Instructions\n## Read slides and answer last-slide questions\n# Closing temporary accounts\n## Record equal debits and credits\n## Example: credit balance Sales closed with a debit\n# Income Summary account\n## No normal balance side\n## Net income (credit) vs net loss (debit)\n# Four closing entries for service businesses\n## Close revenue accounts\n## Close expense accounts\n## Record net income/loss and close Income Summary\n## Close owner’s drawing account\n# Closing entries details\n## Sales with a credit balance\n## Expense accounts with debit balances\n# Lesson Questions","[{\"question\":\"What is the purpose of the Income Summary account?\",\"answer\":\"Income Summary summarizes the closing entries for the revenue and expense accounts at the end of a fiscal period.\"},{\"question\":\"How do you close a temporary account when it has a credit balance?\",\"answer\":\"To reduce the balance to zero, debit the account for its balance and credit Income Summary for the same amount.\"},{\"question\":\"What happens to Income Summary when total expenses are greater than revenue?\",\"answer\":\"Total expenses greater than revenue results in a net loss, and Income Summary has a debit balance.\"}]","Business Virtual Learning - HS/Accounting I - Topic: Closing Entries for Sales & Expenses - April 28, 2020 | PDF",23]