Part 1 The Income Summary Accoun t : Purpose of the Income Summary Account: CHAR
ID: 2350482 • Letter: P
Question
Part 1
The Income Summary Account:
Purpose of the Income Summary Account:
CHARACTERISTICS of the Income Summary:
Format of Income Summary Account: Show on the T account below what type of accounts are debited and credited in the Income Summary. Also Show where the NET INCOME and NET LOSS would be shown (which side).
Income Summary
Debit Credit
The Income Statement:
PART TWO:
Income Statement
Particulars
Amount
Amount
Closing Entry
Date
Description
Post. Ref.
Debit
Credit
Income Statement
Particulars
Amount
Amount
Closing Entry
Date
Description
Post. Ref.
Debit
Credit
Explanation / Answer
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