Homework Sourseplease answer all and add any specifics thank youSolutionClo
please answer all and add any specifics. thank you!
Solution
Closing entries :
| Date | account and explanation | debit | credit |
| Dec 31 | Service revenue | 50000 | |
| Income summary | 50000 | ||
| (To close revenue account) | |||
| Dec 31 | Income summary | 36000 | |
| Salaries and wages expense | 29000 | ||
| Supplies expense | 7000 | ||
| (To close expenses accounts) | |||
| Dec 31 | Income summary | 14000 | |
| Owner\'s capital | 14000 | ||
| (To close net income/(loss) | |||
| Dec 31 | Owner\'s capital | 2000 | |
| Owner\'s drawings | 2000 | ||
| (To close drawings) | |||
