- capital income wiki
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $490,750 and a credit of $613,400. At the same date, Darcy Lewis, Capital has a credit balance of $833,600, and Darcy Lewis, Drawing has a balance of $55,000.
a. Journalize the entries required to (1) close net income or net loss and (2) close the drawing account.
b. Determine the amount of Darcy Lewis, Capital at the end of the period.
a. Journalize the entries required to (1) close net income or net loss and (2) close the drawing account.
b. Determine the amount of Darcy Lewis, Capital at the end of the period.
Closing Entries With Net Income. Help Please!?
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