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Closing Entries: Step by Step Guide

Now for this step, we need to get the balance of the Income Summary account. In step 1, we credited it for $9,850 and debited it in step 2 for $8,790. Prepare the closing entries for Frasker Corp. using the adjustedtrial balance provided. Printing Plus has a $4,665 credit balance in its Income Summaryaccount before…
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9 4: Petty Cash Business LibreTexts

One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Thus, using a petty cash fund avoids the need for making many entries for small amounts. Only when the fund is reimbursed, or when the end of the accounting period arrives,…
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Journalizing Petty Cash Transactions Financial Accounting

In this journal entry, we credit the sales revenue because in the retail business the cash shortage usually happens due to us failing to keep the accurate records that are related to sales revenue. Also, the debit of cash over and short represents the loss, e.g. a few dollars, due to the cash being less…
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