The journal entries to close revenue accounts are to debit the revenue account and credit income summary, which is also a temporary account used for the closing process. The journal entries to ...

You transfer the credit balance in the sales account to the income summary account. For example, say your sales account has a $50,000 credit balance. The journal entry to close the sales account ...

A closing entry is a journal entry made at the end of an accounting ... account or an intermediate account known as the income summary account. Income summary is a holding account used to ...