Читать книгу QuickBooks 2022 All-in-One For Dummies - Nelson Stephen L., Stephen L. Nelson - Страница 78
Closing Out Revenue and Expense Accounts
ОглавлениеYou’re about to enter the twilight zone of accounting. In this section, I talk about what happens to revenue and expense accounts at the end of the year in traditional manual accounting systems. Then I explain why QuickBooks doesn’t quite work that way and what you need to do about it.
If you want to skip anything in this chapter, this section may be that material. On the other hand, if you (like me) have a compulsive personality and deem it essential to read everything in this chapter (even stuff that’s not particularly exciting), read on.
Book 1, Chapter 1 and Book 1, Chapter 2 describe an imaginary hot dog stand, a one-day business that (in my imagination) you operate. (If you’ve been reading this chapter and have no questions, you don’t even need to worry about the two preceding chapters.) Table 3-19 shows the trial balance for this business at the end of the day of operation.
TABLE 3-19 A Trial Balance at the End of the Period
| Account | Debit | Credit |
|---|---|---|
| Cash | $5,000 | |
| Inventory | 0 | |
| Accounts payable | $0 | |
| Loan payable | 0 | |
| S. Nelson, capital | 1,000 | |
| Sales revenue | 13,000 | |
| Cost of goods sold | 3,000 | |
| Rent | 1,000 | |
| Wages expense | 4,000 | |
| Supplies | 1,000 | _____ |
| Totals | $14,000 | $14,000 |
