The order of operations that keeps a close fast and accurate.
Cutoff first, then reconciliations, then adjustments, then review, then statements, then closing and locking the period.
Keep evidence: reconciliations, count sheets and schedules belong with the month's records.
Corrections after close go into an open period with documentation.
At Dec 31, 2026, Maple Street Tutoring's Service Revenue has a $4,500.00 credit balance and Interest Revenue has a $69.00 credit balance. Record the closing entry that transfers revenues to Income Summary.
| Service Revenue | $4,500.00 | |
| Interest Revenue | $69.00 | |
| Income Summary | $4,569.00 |
Revenue accounts are debited to zero them; Income Summary collects the total.
Select every account that is closed (brought to zero) at the end of the period.
Revenue, expense, and drawings accounts are closed; balance-sheet accounts carry forward.
Item 1 of 2
At Dec 31, 2026, Maple Street Tutoring's Service Revenue has a $11,800.00 credit balance and Interest Revenue has a $80.00 credit balance. Record the closing entry that transfers revenues to Income Summary.
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Original content. Figures are fictional; examples are generated and checked by our accounting engine. Updated 2026-10-29.