While you can make MM stand for millions of anything, it’s important that the reader knows whether you’re talking about dollars, euros, units shipped, etc. If, say, you use it for both units and dollars in the same document, separate the different categories so your readers don’t get confused. I generally use $___MM, which was,…

The credit to income summary should equal the total revenue from the income statement. The income summary account is a temporary account solely for posting entries during the closing process. It is a holding account for revenues and expenses before they are transferred to the retained earnings account. Closing Entries Accounting with Automation This systematic…