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Closing Entries Financial Accounting

Whether you credit or debit your income summary account will depend on whether your revenue is more than your expenses. Accounting software automatically handles closing entries for you. If you don’t have accounting software, you must manually create closing entries...

Closing Entries Financial Accounting

Whether you credit or debit your income summary account will depend on whether your revenue is more than your expenses. Accounting software automatically handles closing entries for you. If you don’t have accounting software, you must manually create closing entries...

Bookkeeping Quiz and Test

He is the sole author of all the materials on AccountingCoach.com. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and sum of years’ digits method innovator in teaching...

Bookkeeping Quiz and Test

He is the sole author of all the materials on AccountingCoach.com. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and sum of years’ digits method innovator in teaching...

Top Brewery Accounting Software Tips

Monitor food costs to determine if menu price increases are needed.Assess daily sales trends for potential promotions on slower days of the weekin order to increase business. A good rule of thumb is todesignate an amount equal to 10% of revenues for “other expenses”...