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WVU ACCT 201 - Income Summary and Your Journal
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ACCT 201 1st Edition Lecture 13Outline of Last Lecture I. Calculating interest and putting in into the accounting equationOutline of Current LectureII. Income SummariesIII. The Four Entries of Your JournalCurrent LectureRemember: If it’s not on the journal, it didn’t happen. Everything not on your balance sheet is temporary. Temporary means it gets reset during closing.Beginning Retained Earnings ______+Net Income (revenues and expenses)-DividendsEnding REDR CR Revenue Wage Expense Insurance Exp. Rent Exp. Dividends 1500 1000 100 500 300 2000 1000 100 500 300 3500 Bal. 0 0 0 0 3500 0*Income summary is solely for aiding in closing process once a yearIncome Sum. 3500 1600 Bal. 1900 1900 0Journal1. Revenue 3500 Income Sum. 3500These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.2. Income Sum. 1600Wage Exp. 1000Ins. Exp. 100Rent Exp. 5003. Income Sum. 1900Retained Earn. 19004. Retained Earn. 300 Dividends


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