closing entries
Definition
Final bookkeeping entries made at the end of an accounting period to reduce all nominal (temporary) accounts to zero. Balances of these accounts are transferred to the income summary account, and drawings are transferred to the owners' capital account.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
closing entries in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/closing-entries.html
