For matters dealing with specific payments or bank accounts, the student needs to contact the VA directly through their Education Benefits hotline, 1-888-442-4551. The VA will not discuss a studentâs personal payment issues with the WSU Veterans Coordinator, as this constitutes a violation of the Federal Privacy Act.
Closing entries are journal entries made at the end of an accounting period which transfer the balances of temporary accounts to permanent accounts. Closing entries are based on the account balances in an adjusted trial balance. The permanent account to which balances are transferred depend upon the type of business.
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.