What is the normal balance of expenses and drawing?

What is the normal balance of sales and capital?

Closing entries refers to setting account to...

Temporary accounts begin each fiscal period (month) with zero balances.

Permanent accounts never close.

All of the following are considered temporary accounts EXCEPT for:

What is the normal balance?

Permanent accounts include all other accounts that are not temporary.

Which of the following is the correct order for how to record closing entries?

The normal balance for sales is debit therefore, to close the account, there must be a _______ sales and a ________of the income summary.

The income summary has a normal balance.

The drawing account has a _______ normal balance therefore, to close the account, a ________ to capital and a ________ to drawing must occur.

For expense accounts, you must debit the income summary for the total amount of expenses.

If a company incurs a net income, to close the account, a ______ to income summary and a _________ to capital must occur.