Napakagaling ni Sir magturo malinaw. Sana non nag-aaral ako ng Accounting siya ang Prof. ko para madali ko naintindihan at maenganyo ako magtake ako ng exam.
1. Explain the purpose of income summary - an account used to close the income and expense account. 2. Explain the steps in closing nominal or temporary account * Close the income or revenue accounts - Debit the revenue account and credit the income summary. *Close the expense account - Debit the income summary all credit and expense to close account * Close the income summary - Subtract the income summary in the first and second steps then it its net income, debit the income summary account and credit capital account. if its net loss, debit the expense account and credit the income summary * Close the withdrawal account - Debit the capital account and credit the withdrawals to close the account
Thank you po... Your videos helps me a lot po.. marami marami pong salamat kasi dahil sa vid na ito naliwanagan ang utak ko na parang sasabog na 😂 Basta THANK YOU PO!
1. Explain the purpose of Income Summary account - The purpose of Income Summary is to close the nominal or temporary accounts at the end of accounting period. 2. Explain the steps in closing nominal or temporary accounts Step 1: Closing the Revenue Accounts - By doing the closing entry for revenue accounts, you will need to record the revenue account to debit and income summary to credit. Step 2: Closing the Expense Accounts - In order to close out the expense accounts, you will need to debit the income summary account, and credit all item expense accounts listed in the adjusted trial balance. Step 3: Closing the Income Summary - In this step, you must first subtract the total revenue and expense accounts before recording it. You'll be able to tell if this is net income or net loss after subtracting it, but if you want to find it quickly, go to your comprehensive income. If it's a net profit, the income summary will be debited, and the capital will be credited. If it's a net loss, it's the inverse. Step 4: Closing the Withdrawal - You can easily record it, debit capital and credit withdrawal.
1. EXPLAIN THE PURPOSE OF INCOME SUMMARY ACCOUNT. - an account used to close the income and expense accounts. 2. EXPLAIN THE STEPS IN CLOSING NOMINAL OR TEMPORARY ACCOUNTS. • CLOSE THE INCOME OR REVENUE ACCOUNT. - debit the revenue and credit the income summary to close the account. •CLOSE THE EXPENSE ACCOUNTS - debit the income summary account and credit the expense • CLOSE THE INCOME SUMMARY ACCOUNT - subtract the income summary, if it's net income, credit the capital account and debit the income summary account. If it's net loss, credit the income summary and debit the expense account. • CLOSE THE WITHDRAWAL ACCOUNT - Debit the capital account and credit the withdrawals to close the account.
1.Explain the purpose of Income Summary account. ▪︎ The income summary account is an account used to close the income and expense accounts . 2.Explain the steps in closing nominal or temporary accounts. STEPS: 1. Close the INCOME or REVENUE accounts ▪︎Debit the revenue account/s and credit the income summary to close the account. 2. Close the EXPENSE accounts ▪︎Debit the income summary and credit all the expenses to close the accounts. 3. Close the INCOME SUMMARY account ▪︎Record all the income summary we used in previous steps and subtract it to each other. If it's net income, put it in the debit side and credit the capital account.But if it's net loss, put it in the credit side and debit the capital account. 4. Close the WITHDRAWALS account ▪︎Debit the capital account and credit the withdrawals to close the account. -Thankyou po🧡
1. Explain the purpose of income summary The purpose of income summary is to close the revenue and expense account at the end of the accounting period. 2. Explain the steps in closing nominal or temporary account a.)CLOSE THE REVENUE ACCOUNT by putting the revenue account on the debit side and income summary inthe credit side b.)CLOSE THE EXPENSE ACCOUNT by putting the income summarry in the debit side and the expense accounts on the credit side. c.)CLOSE INCOME SUMMARY by putting the income summary account on the debit side and the capital on the credit side d. CLOSE THE WITHDRAWAL ACCOUNT by putting the capital on the debit side and the withdrawal account on the credit side.
1. Explain the purpose of Income Summary account. - Income Summary Account is an account used to close the income and expense accounts. 2. Explain the steps in closing nominal or temporary accounts. STEPS: 1. Close the INCOME or REVENUE accounts. - Debit the Income or Revenue account/s and credit the Income Summary to close the account. 2. Close the EXPENSE accounts. - Debit the Income summary and credit all the Expenses to close the accounts. 3. Close the INCOME SUMMARY account. - Subtract the amounts of Income Summary accounts that we used in previous steps. If it's Net Income, debit the Income Summary account and credit the Capital account. If it's Net Loss, debit the Capital account and credit the Income Summary account. 4. Close the WITHDRAWALS account. - Debit the Capital account and credit the Withdrawals to close the account.
1.) Explain the purpose of income summary account. -ito ay Isang uri ng account na kung saan ay ginagamit para isara Ang income at expense account. 2.) Explain the steps in closing nominal or temporary accounts. Step#1- Isara Ang Income o Revenue Account. Debit: Revenue Accounts Credit: Income Summary Explanation: to close revenue accounts Step#2- isara Ang expense account. Debit: Income Summary Credit:. Expense Accounts Explanation: To close expense accounts Step#3- isara Ang income summary account. Debit: Income Summary Credit: Capital account Explaination: to close income summary account Step#4- isara Ang withdrawal account. Debit: Capital account Credit: Withdrawal account Explanation: to close withdrawal account
Same lang po ba ang Retained Earnings at Capital Account? Yun kase pinapagamit sakin online Hindi ako graduate ng accounting or any related subject, self study lang, laking tulong po ng channel nyo dahil ligaw na ligaw po ako nung una, aspiring virtual bookkeeper kahit sa mga service business lng muna 😊
Salamat Sir! Samabahin ang ngalan mo XD Sir may tanong po ako kasi may ibat ibang terms akong nababasa sa libro. iisa lang po ba ang meaning ng Trading account , profit and loss summary sa income summary? thnks po
monthly po ba tlga pagclose ng journal entry, pwede po bang yearly? 3 months na po kasi ako nag a-update ng books sa journal ng b.i.r, hindo ko po nagawa ito..paano po ito? salamat po.
Siguro tibag na lahat ng lesson na dumaan sa utak ko pero yung mga tinuturo ni Sir will remain standing, Thank you Sir you're the best!
THANK YOU , SIR!! SUPER LINAW NG EXPLANATION!! SO GALING SAUR MUCH TALAGA
Thank you, sir! super clear talaga mag explain!
THANK YOU SO MUCH FOR SHARING THIS TO US, SIR! SUPER HELPFUL PO NITO PARA SA AMIN!
grabe ang galing ni sir joshua garcia da best talaga!!thank you sa new lessons sir!!
thankyouu po sir, grabe ang galing niyo po mag turo idol!!
Thank you po sir Rain!!! sobrang helpful po talaga ng vidsss niyooo
Thank you somuch sir may bagong kaalamanan nanaman akong natutunan ngayong araw!! 🩵🩵
thank you so much for this sir! very detailed, well explained, very helpful and engaging video! arigato sir!❤❤
thank you po sir rain, super smooth!!
THANKYOU PO SIR! SUPER HELPFUL PO NITO PARA SAAMIN! ❤
Napakagaling ni Sir magturo malinaw. Sana non nag-aaral ako ng Accounting siya ang Prof. ko para madali ko naintindihan at maenganyo ako magtake ako ng exam.
Salamat po!
thankyouuu so much sir may panibago na naman akong natutunan, grabe dabest k talaga sir rain 🥰
Thank you sir ang dali pong naintindihan dahil sa clear explanation nyo po!😙
Thankyou so much po sir! grabe petmalu ka talaga mag explain 🥰🥰
Thank you Sir, galing nyo po talagang magturo!
Thank u po sir sa magandang pagtuturo!
thank you po sir napakagaling nyopo mag turooo I love you sir!!
Thank you so much po sir rain! Sa pag explain ng maayos❤
THANK YOU SIR!!! PASABOG ANG EXPLANATION🙌
Thank you very much sir sa mga clear na explanation huhu super effective po ng mga tuts vids nyo sir, We love you sir joshua garcia ng ABM-BAYBEES 🐝🐝
Thank you po, Sir! Gets ko na po hihi❤
THANKYOU SIR JOSHUA FOR CLEAR EXPLANATIONS AND EFFORTS SA PAGGAWA NG VIDEO LESSON PO😙🫶
Thank you sir sa mga lesson mas lalo akong natututo sayo at nageenjoy sa FABM😉😉
Industrial engineering po course ko taga butuan po ako hehe, madali lang po pala tong accounting pag na explain ng maayos thank you po Sir!
Thank you po!
Thank you so much po Sir sa very clear explanation! 😊❤
very clear discussion, sir!
Thankyouu po, Sir Joshua Garcia❤❤
1. Explain the purpose of income summary
- an account used to close the income and expense account.
2. Explain the steps in closing nominal or temporary account
* Close the income or revenue accounts
- Debit the revenue account and credit the income summary.
*Close the expense account
- Debit the income summary all credit and expense to close account
* Close the income summary
- Subtract the income summary in the first and second steps then it its net income, debit the income summary account and credit capital account. if its net loss, debit the expense account and credit the income summary
* Close the withdrawal account
- Debit the capital account and credit the withdrawals to close the account
Thankyoi sir malaking tulong pa yang video nayan sir aalamat po❤❤❤
thank u po sir nang marami mas naintindihan ko na po lalo 🥰🥰
Ang galing mo naman sir....❤❤
Thank you sir galing galing nice❤
I really learned a lot from your vids po. Tysm!
thankyouuu so much, sir rainn!!!
super effective talaga mga tutorial video nyo sir thank you po!!!❤❤🤍
Thank you so muchie sir!! 🥰❤️
Thanks saur much sir! God bless😊😊😊
Thankyou po sir gets ko na po😘
Thank you sir, malapit na din po akong matapos at tapusin🤗🤗 emeee😘🫶🫶. Cute mo po
Thank you po... Your videos helps me a lot po.. marami marami pong salamat kasi dahil sa vid na ito naliwanagan ang utak ko na parang sasabog na 😂 Basta THANK YOU PO!
Buti naman po hindi natuloy sumabog 😅😅 laban lang, FIGHTING 💪
Thank you so much po sir pogii!!
THANKYOU SM SIR JOSHUA GARCIA!❤❤
Thankyou saur much sir rain kung wala ka umiiyak na ako dito😢
Ang galing nyo sir! Hulog kayo ng langit. Hehe.
Thank you po sa lesson araw araw🫶
Thank you po sir helpful masyado yung mga content nyo po :D
Sobrang galing talaga mag turo🥰
from: Angel Ann Ramos
Thank you so much sir😇🙏 God bless
Salamat din po
Thankyouuu po ,sir pogii cutieee🎉
thank you saur muchhh sir da best ka talaga🫡
Thank you, sir!
Sincerely yours,
Liza Soberano
Thank you sir, mas naintindihan ko discussion ninyo compare sa teacher namin😅
gusto kolang naman matuto sir nakakasakit naman mga hugot mo HAHAHAH
AHAHAHAHAHAHA sorry 😅
Jasmine Paguio
12-ABM A
thank you, sir!!
Thank you for this video 😆
Welcome po. God bless
Marienelie Labagala
12 ABM A
done po, sir! thank u po
1. Explain the purpose of Income Summary account
- The purpose of Income Summary is to close the nominal or temporary accounts at the end of accounting period.
2. Explain the steps in closing nominal or temporary accounts
Step 1: Closing the Revenue Accounts
- By doing the closing entry for revenue accounts, you will need to record the revenue account to debit and income summary to credit.
Step 2: Closing the Expense Accounts
- In order to close out the expense accounts, you will need to debit the income summary account, and credit all item expense accounts listed in the adjusted trial balance.
Step 3: Closing the Income Summary
- In this step, you must first subtract the total revenue and expense accounts before recording it. You'll be able to tell if this is net income or net loss after subtracting it, but if you want to find it quickly, go to your comprehensive income. If it's a net profit, the income summary will be debited, and the capital will be credited. If it's a net loss, it's the inverse.
Step 4: Closing the Withdrawal
- You can easily record it, debit capital and credit withdrawal.
thankyou sir 🫰🏻🫰🏻🫰🏻
thank You po sa videos
Stephanie Constantino
12-ABM A
Done watching, thank you sir
1. EXPLAIN THE PURPOSE OF INCOME SUMMARY ACCOUNT.
- an account used to close the income and expense accounts.
2. EXPLAIN THE STEPS IN CLOSING NOMINAL OR TEMPORARY ACCOUNTS.
• CLOSE THE INCOME OR REVENUE ACCOUNT.
- debit the revenue and credit the income summary to close the account.
•CLOSE THE EXPENSE ACCOUNTS
- debit the income summary account and credit the expense
• CLOSE THE INCOME SUMMARY ACCOUNT
- subtract the income summary, if it's net income, credit the capital account and debit the income summary account.
If it's net loss, credit the income summary and debit the expense account.
• CLOSE THE WITHDRAWAL ACCOUNT
- Debit the capital account and credit the withdrawals to close the account.
Thank you sir
thank you sir cutiee!!! pa kiss po sa pisnge😚
Thankyou po sir pogiii
1.Explain the purpose of Income Summary account.
▪︎ The income summary account is an account used to close the income and expense accounts .
2.Explain the steps in closing nominal or temporary accounts.
STEPS:
1. Close the INCOME or REVENUE accounts
▪︎Debit the revenue account/s and credit the income summary to close the account.
2. Close the EXPENSE accounts
▪︎Debit the income summary and credit all the expenses to close the accounts.
3. Close the INCOME SUMMARY account
▪︎Record all the income summary we used in previous steps and subtract it to each other. If it's net income, put it in the debit side and credit the capital account.But if it's net loss, put it in the credit side and debit the capital account.
4. Close the WITHDRAWALS account
▪︎Debit the capital account and credit the withdrawals to close the account.
-Thankyou po🧡
1. Explain the purpose of income summary
The purpose of income summary is to close the revenue and expense account at the end of the accounting period.
2. Explain the steps in closing nominal or temporary account
a.)CLOSE THE REVENUE ACCOUNT by putting the revenue account on the debit side and income summary inthe credit side
b.)CLOSE THE EXPENSE ACCOUNT by putting the income summarry in the debit side and the expense accounts on the credit side.
c.)CLOSE INCOME SUMMARY by putting the income summary account on the debit side and the capital on the credit side
d. CLOSE THE WITHDRAWAL ACCOUNT by putting the capital on the debit side and the withdrawal account on the credit side.
Paula Diane, Samillano -12 ABM-A
Jenny Rose Sanchez
12 ABM-A 😊
1. Explain the purpose of Income Summary account.
- Income Summary Account is an account used to close the income and expense accounts.
2. Explain the steps in closing nominal or temporary accounts.
STEPS:
1. Close the INCOME or REVENUE accounts.
- Debit the Income or Revenue account/s and credit the Income Summary to close the account.
2. Close the EXPENSE accounts.
- Debit the Income summary and credit all the Expenses to close the accounts.
3. Close the INCOME SUMMARY account.
- Subtract the amounts of Income Summary accounts that we used in previous steps. If it's Net Income, debit the Income Summary account and credit the Capital account. If it's Net Loss, debit the Capital account and credit the Income Summary account.
4. Close the WITHDRAWALS account.
- Debit the Capital account and credit the Withdrawals to close the account.
Thank youuu
Thank you din po
2024 at kumuha ako ng FABM sa College as part of Bridging subject. Thanks a lot for this, sir!
1.) Explain the purpose of income summary account.
-ito ay Isang uri ng account na kung saan ay ginagamit para isara Ang income at expense account.
2.) Explain the steps in closing nominal or temporary accounts.
Step#1- Isara Ang Income o Revenue Account.
Debit: Revenue Accounts
Credit: Income Summary
Explanation: to close revenue accounts
Step#2- isara Ang expense account.
Debit: Income Summary
Credit:. Expense Accounts
Explanation: To close expense accounts
Step#3- isara Ang income summary account.
Debit: Income Summary
Credit: Capital account
Explaination: to close income summary account
Step#4- isara Ang withdrawal account.
Debit: Capital account
Credit: Withdrawal account
Explanation: to close withdrawal account
thank you sorry!! pa kiss po sa pisnge😚
Karylle Faye Gonzales, 12 ABM A
Tallado, Jericath A. 12 ABM-A
Shaine Santos
12 ABM-A
Jenmar Mangiliman 12 ABM-B
reign kholeen lubioso, 12 abm-a
Mitch Irish Dizon, 12 ABM-A
ty sir naming pogi
Same lang po ba ang Retained Earnings at Capital Account? Yun kase pinapagamit sakin online
Hindi ako graduate ng accounting or any related subject, self study lang, laking tulong po ng channel nyo dahil ligaw na ligaw po ako nung una, aspiring virtual bookkeeper kahit sa mga service business lng muna 😊
Same lamg po sila. Pah capital account ginagamit kapag single proprietorship at partneship. Retained earnings kapag corporation
same po tayo..nakakalito ang mga books ni b.i.r..huhu.. laki din ng problem ko dito..
what if there is no drawings made (zer0) what is the closing journal entry for withdrawal account?
Pag wala pong withdrawals, skip mo lang po un. Wala pong dapat i-close for withdrawal part
Aira Mae Dominguez from 12-abm b
Mary Ifer Pascual 12 Abm B
Monsanto, Ma. Cristina
12-ABM A
Velasco Kiyel B, 12 ABM A
Sir! ask kolang po pag sinabi poba nating accounting period it pertains poba sa month ended? nagkakaroon din poba ng closing entries kapag year ended?
Yes pwedeng month pwedeng quarter or year
Yes basta May accounting period na nagtapos dapat may closing entries
@@abmonlineph6099 Thank you po sir MABUHAY!
Natutulog ka ba? HAHAHAHHAA
Barrun, Roxanne C.
12-ABM A
Labosta Kyla
12 - ABM B
Question po bat si bacalso capital dinebit ee galing na sa debit ng adjusted entry? Bat di sya cinredit
Salamat Sir! Samabahin ang ngalan mo XD
Sir may tanong po ako kasi may ibat ibang terms akong nababasa sa libro.
iisa lang po ba ang meaning ng Trading account , profit and loss summary sa income summary?
thnks po
Same lang po
monthly po ba tlga pagclose ng journal entry, pwede po bang yearly? 3 months na po kasi ako nag a-update ng books sa journal ng b.i.r, hindo ko po nagawa ito..paano po ito? salamat po.
Sir, ang end merchandise po ba ay inirerecord po sa trial balance? Sa adjusting po?
Dapat makita na po ang ending balance mg merchadise inventory after adjustments or closing
samantha bihasa , ABM B
meron po bang income summary sa ledger 2 3 4?
joana patricia mary 12 abm - a
paano po kapag walang adjusted trial balance? unadjusted lang po meron
Sir, tanong lang po, ano po kaya ang entry para sa ending merchandise inventory po?
Irecord mo ng debit ang MI ang amount ay yung ending inventory tapos credit Income Summary
Pano po mag closing entries sa partnership?