About this document
Closing Entry Process Explained by Novi Wulandari is a document available to read on EtoBox.
Closing entry is a journal created at the end of an accounting period to close or nullify nominal accounts. It serves three functions: 1) calculating income/loss and transferring account balances, 2) removing temporary accounts to capital for the next period, and 3) calculating end capital. Key accounts that need to be closed include income, expenses, prive, and profit/loss. The closing process involves transferring revenue and expense account balances to an income summary account, then to capital or equity
- Author
- Novi Wulandari
- Language
- EN