Solution-Retained earnings instead of the income or expense

Retained earnings instead of the income or expense account

Reference no: EM131707097

Question: I have an accrual basis trial balance worksheet and need to convert to cash basis for calendar year 2016. Some of the receivables and payables relate to tax year 2015. When I zero out these accounts, do I post the amounts that relate to tax year 2015 to retained earnings instead of the income or expense account?

Reference no: EM131707097

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Retained earnings instead of the income or expense account

Reference no: EM131707097

Reference no: EM131707097

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