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Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the books for the next period.
Total Revenues
The total amount of income generated by a business from its normal business operations, including sales of goods or services, before any expenses are deducted.
Income Summary
An account used in the closing process during the accounting cycle that summarizes the results of operations—revenues and expenses—before transferring the net income or loss to the owner's equity.
Revenue
The total amount of money generated by the sale of goods or services related to a company's primary operations before any expenses are deducted.
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