To close the Income Summary account .

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Close the various revenue accounts by transferring their balances into the income summary account .

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If the revenue ( credit balances ) exceeds the expenses ( debit balances ) the income summary account will have a credit balance representing net income .

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The balance of the Income Summary account should be transferred to the Retained Earnings account .

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Closing a revenue account therefore means transferring its credit balance to the income summary account .

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A journal entry made for the purpose of closing a revenue or expense account by transferring its balance to the income summary account is called a closing entry .

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In the paper the advantages and the defects of inertia vibration screen is explained with a summary account and the existing problems is explained too .

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A Summary Account of the Methods of Performing Acupoint Implantation

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Anti-spam technology : a summary account and analysis for performance of gateways

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The first part is the introductory remark which consists of the significance and background of the selected topic a summary account of the research at home and abroad thinking and attention of the research as well as its method and basic concept and theory .

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If the Income Summary account has a debit balance then the company has suffered a loss for the current period .

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Account created by the debit part of the entry is closed into the Income Summary account in the same manner as any other expense account .

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Summary Account on Development of National Underground Scraper

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This transfer is accomplished by a journal entry debiting the revenue account in an amount equal to its credit balance with a journal entry crediting the income summary account at the same time .

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Finally give a summary account and expectation about research and implement of point-to-point wireless communication system .

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Close the income summary account by transferring its balance into the owner 's capital account .

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In that case the closing of the income summary account requires a debit to the owner 's capital account and a credit to the income summary account .

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A summary account of the regional geology of Shanghai Municipality

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The entry to close the Income Summary account in this example would be

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If the revenue exceeds the expense the Income Summary account will have a credit balance .

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This ia a summary account of the meeting .

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If the business problem requires just a summary of all account standings for example then you don 't need to include order details in the model .

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Summary Account on Sacrificial Rites of the Country in China

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From the above examples we can see that there are the total debit amount of $ 1 and the total credit amount of $ 12 in the income summary account for Solarwind company .

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The Millimeter-Microwave Biological Effects : A Summary Account of Studies in Our University

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This article sets out to examine innovative education at college level in America Germany and Japan thereby giving a summary account of college-level innovative education in those three countries ;

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