At December 31, Jimbo Corporation reports net income of $450,000. Prepare the entry to close net income.

Question:

At December 31, Jimbo reports net income of $450,000. Prepare the entry to close net income.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...