Definition of inhospitable for English Language Learners. : 1  not generous and friendly to guests or visitors. : 2  having an environment where plants, animals, or people cannot live or grow easily. : 3  not ready or willing to accept or consider something.
Revenue Accounts. Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance.
Accounting Journal: Closing Entries. Since sales and revenue accounts have a credit balance, these accounts are closed by debiting the sales and revenue accounts, and crediting the income summary account. Similarly, closing entries are made to the expense accounts by crediting each expense account, and debiting the income summary account. The difference between sales and expenses, or net income, was transferred to the income summary account. Calculating Net Income.