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please help because I keep getting income summary wrong thanks The ledger of Sheridan Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,900,
please help because I keep getting income summary wrong thanks
The ledger of Sheridan Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,900, Service Revenue $51,000, Salaries and Wages Expense $28,600, and Supplies Expense $7,000. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Service Revenue (1) $51000 Bal. $51000 Bal. Income Summary (4) (1) $51000 Total (2) (3) (3) $15400 $51,000 Owner's Capital (4) v $1900 Bal. $29900 (3) $15400 Bal. $29900 $15400 $43400Step by Step Solution
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