Question
he worksheet for Blossom Company shows the following in the financial statement columns. Owners Drawings $26,000 Owners Capital 67,000 Net Income 44,000 Prepare the closing
he worksheet for Blossom Company shows the following in the financial statement columns.
| Owners Drawings | $26,000 | |
| Owners Capital | 67,000 | |
| Net Income | 44,000 |
Prepare the closing entries at December 31 that affect Owners Capital. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | |||
| (To close net income / (loss)) | |||
| Dec. 31 | |||
| (To close drawings) |
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
9781259722660
