Now that we've completed all of our GBD Fits merch business financial statements for the month of March, it's time to prepare our post-closing trial balance.
Before we do that though, we must close out our revenue and expense accounts!
Closing out revenue and expense accounts explained
In our income statement accumulated all our revenue and expense accounts to calculate net income.
PAID CONTENT This is the end of the preview. To unlock the rest, get the ACC 221 Exam 1 Cram Kit or Lifetime Access.
Already purchased? Click here to log in.
I’m a Miami University (OH) 2021 alumni who majored in Information Systems. At Miami, I tutored students in Python, SQL, JavaScript, and HTML for 2+ years. I’m a huge fantasy football fan, Marvel nerd, and love hanging out with my friends here in Chicago where I currently reside.