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.
Recording Closing Entries is a Three Step Process: 1  Income Statement accounts with credit balances are debited and the income summary account is credited for the total amount. 2  Income Statement accounts with debit balances are credited and the income summary account is debited for the total amount.