At the end of an accounting period, the effect of the total of the balances in all the expense accounts is recorded in the Capital Account. Decrease None 8. Revenue Withdrawals Capital 9. Income Summary account. Wages Payable Wages Earned Wages Expense 1a.
Revenue is what the business earns for doing what it is in business to do.
For example, what a window cleaning business charges for cleaning windows is revenue to the business. Another Question Go to Table of Contents 1b. Withdrawals account is used to accumulate the amount of assets the owner takes out of the business for personal use. The amount in this account decreases the amount the business owes the owner. Another Question Go to Table of Contents 1c.