| A | B |
|---|
| debit | Type of balance the asset accounts after closing entries are posted |
| closing | Type of journal entries recorded at the end of fiscal period to prepare temporary accounts and update other accounts |
| balance | Accounts with this will be on post-closing trial balance |
| zero | Balance of income summary account after closing entries are posted |
| equity | To close income summary when there is a net loss, debit the owner's _____ account |
| drawing | The Owner's ________ account will have a zero balance after closing entries are posted |
| temporary | Type of accounts that are closed at end of fiscal period and begin new period with zero balance |
| loss | A debit balance in the income summary account means the company had a net ____ |
| postclosing | Prepare this type of trial balance after the closing entries are posted (2 words) |
| cycle | The Accounting ____ is the activities that occur during a fiscal period to record financial information |
| date | At the end of accounting period, ledger accounts need to be brought up to _____ |
| income | Close the sales account by transfering the balance into the _____ summary account |
| owner | The net income or net loss is closed into the _____ equity |
| capital | Equity account not closed at the end of the accounting period |
| income | Information needed to close the expense accounts is found in the ____ statement debit column |
| revenue | A type of account that will be closed (Assets or revenue) |
| credit | Information needed to close the sales account is found on the worksheet in the Income statement _____ column |
| decrease | Owner's drawing account represents a ______ in owner's equity |
| Cash | Which will NOT be closed (cash or Rent expense) |
| sales | When closing the sales account, debit _____ and credit income summary |
| summary | Income _____ is a TEMPORARY CAPITAL account |
