I am trying to Journalize the entries to close the accounts. We are dealing with a 7100 net loss. I know I need to debit Income Summary and credit retained earnings. I just can't figure out the amount.

Retained earnings were 643600, and with a net loss of 7100, so I thought you would debit Income summary 636500 and credit Retained Earnings for the same, but that amount is not correct any assistance would be great.

"Referring back to my text book it says in the case of a net loss, I should then credit income summary for the amount of it's balance and debit the retained earnings for the amount of the net loss " this doesn't make sense to me as I know the correct entry is debit Income summary and credit retained earnings.

Thanks