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The income statement is used for recording expenses and revenues in one sheet.
Income summary credit balance. When the balance of the income summary account is a credit the entry to close this account is. Asked may 11 2016 in business by illedehomme a debit withdrawals. The income summary will be closed with a debit for that amount and a credit to retained earnings or the owner s capital account. The income summary account is a temporary account used to store income statement account balances revenue and expense accounts during the closing entry step of the accounting cycle in other words the income summary account is simply a placeholder for account balances at the end of the accounting period while closing entries are being made.
The following is an example of an income summary. Debit and credit when the accounts in the income statement are transferred the values are debited from the accounts and then credited to the income summary account. Example of income summary. Conversely if the resulting balance in the income summary account is a loss which is a debit balance then credit the income summary account for the amount of the loss and debit the retained earnings account to shift the loss into retained earnings.
A credit balance in the income summary account after revenues and expenses have been closed means that the company has a net income. Income summary on the other hand is for closing records of expenses and revenues for a given. If the income summary has a debit balance the amount is the company s net loss. This is the second step to take in using the income summary account after which the account.
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