After the adjusting entries have been posted for C. P. Stacy, Con- P.O. 2 suiting Engineer, the ledger contained the following account balances on June 30:

Income Summary has a zero balance. because the account was not used previously.

Journalize the closing entries with the four steps in the proper sequence.
Check Figure Net income, $15,156.00

Transcribed Image Text:

Cash $43,644 Income Summary $ 0 Office Supplies 2,280 Professional Fees 45,840 Furniture and Fixtures 19,032 Salary Expense 20,256 Accumulated Depreciation, Rent Expense 2,496 Furniture and Fixtures 13,008 Telephone Expense 288 Accounts Payable 10,236 Office Supplies Expense 5,052 Salaries Payable 1,968 Depreciation Expense, C. P. Stacy, Capital 38,988 Furniture and Fixtures: 2,592 C. P. Stacy, Drawing 14,400