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On December 31, the Income Summary account of Coulter Company has a credit balance of $19,200 after revenue of $93,200 and expenses of $74,000 were
On December 31, the Income Summary account of Coulter Company has a credit balance of $19,200 after revenue of $93,200 and expenses of $74,000 were closed to the account. Joseph Coulter, Drawing has a debit balance of $5,000 and Joseph Coulter, Capital has a credit balance of $50,000. Record the journal entries necessary to complete closing the accounts. Post the closing entries to the Joseph Coulter, Capital account.
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