Has a $5,000 credit balance in the income summary account after closing revenues and expenses. what would be the closing entry for the income summary account?

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18-08-2022
Business

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Has a $5,000 credit balance in the income summary account after closing revenues and expenses. what would be the closing entry for the income summary account?

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chilljain33 chilljain33 · Answer 1 · 2022-08-26T09:39:47+02:00

The closing journal entry for income summary account if it has a credit balance of $5,000 will be debiting sales and crediting the expenditures made by them.

What is the significance of a journal entry?

A journal entry can be referred to as an entry made in the primary books of the firm, where the remaining or closing balances are transferred to the ledger books of the firm.

The closing entry for the transaction in the above situation has been added as an image for better reference.

Therefore, the significance regarding a closing journal entry has been aforementioned.

Learn more about a journal entry here:

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If someone has a $5,000 credit balance in the income summary account after closing revenues and expenses, what would be the closing entry for the income summary account?