On December 31 the Income Summary account of Cook Company has a debit balance of $18,100 after revenue of $49,400 and expenses of $67,500 were closed to the account. Maria Cook, Drawing has a debit balance of $23,800 and Maria Cook, Capital has a credit balance of $85,000.

Journal entry worksheet Record entry to transfer net income or net loss from income summary to capital. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal General Journal General Ledger Post the closing entries to the Maria Cook, Capital ac General Ledger Maria Cook, Capital Account No: 301 Date Debit Credit Balance Dec. 31 Dec. 31 Dec. 31