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I need help journalizing the closing entry. Everything else made sense but this does not. KLEENE WINDOW WASHING CO. Income Statement For the Month Ended
I need help journalizing the closing entry. Everything else made sense but this does not.
KLEENE WINDOW WASHING CO. Income Statement For the Month Ended July 31, 2020 Revenues Service Revenue 7900 Expenses Maintenance and Repairs Expense 290 Supplies Expense 580 > Depreciation Expense 180 > Insurance Expense 150 > Salaries and Wages Expense 2400 Total Expenses 3600 Net Income / (Loss) 4300 Journalize the closing entries. (Credit account titles are automatically indented when the amou Date Account Titles and Explanation Debit Credit July 31 Accounts Payab Service Revenue (To close revenue account) July 31 Income Summary 29580 X Accumulated Depreciation Equipment 180 X Accounts Payable 5400 Salaries and Wages Payable 400 X Owner's Capital 15700 X x Service Revenue 7900 (To close expense accounts) July 31 4300 x 4300 (To close net income to capital) July 31 600 600 (To close drawings to capital)Step by Step Solution
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