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Help Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $193,000, expenses of $107,700, and withdrew $21,200 from the business during the
Help Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $193,000, expenses of $107,700, and withdrew $21,200 from the business during the current year. The owner's capital account before closing had a balance of $305,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
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