ACG 4970 Lecture Notes - Lecture 1: Intangible Asset, Deferral, Deferred Income
Document Summary
Assets = liabilities + owner"s equity: t account: Right side credit: rules of debit and credit: Each entry will always affect both a balance sheet and an income statement account. decreases increases: closing entries: Credit for: transfer revenue account balances to income. Summary: transfer expense account balances to income decreases in owner"s equity increases in owner"s equity. Credit for for for for increases decreases decreases increases. A summary of the revenue and the expense of a business entity for a specific period of time, such as a month or a year. A summary of the changes in the earnings retained in a business entity for a specific period of time, such as a month or a year. A list of the assets, liabilities, and owner"s equity of a business entity as of a specific date, usually at the close of the last day of a month or a year: transfer income summary balance to retained.