399 Profit and Loss
Owner’s Equity
Net Worth
Synopsis
Account 399 is established to report the Profit or Loss of the dealership.
Debits |
Credits |
|
|
Example 1
Record the transfer of the year end operating profit of $532,671 to retained earnings at the end of the accounting year.
Journal: General Journal
Entry: |
|
Debit |
Credit |
Account 399 |
Profit or Loss |
$532,671 |
|
Account 370 |
Retained Earnings |
|
$532,671 |