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The entry to close the income summary account would be: ABC has the following adjusted trial balance DR CR Cash 42000 Accounts Receivable 7000 Equipment
The entry to close the income summary account would be:
ABC has the following adjusted trial balance DR CR Cash 42000 Accounts Receivable 7000 Equipment 8000 Accum Depreciation 1000 Accounts Payable 3000 Common Stock 5000 Paid in Capital 500 Retained Earnings 6500 Dividends 2000 Revenues 58000 Salaries 11000 Rent 4000 Total 74000 74000 The entry to close the income summary account would be: Debit Income Summary $41.000. Credit Retained Earnings 41.000 Debit Income Summary $43,000. Credit Retained Earnings 543,000 Debit Retained Earnings $43.000. Credit Income Summary $43.000 Debit Retained Earnings $58.000. Credit Income Summary 558,000 Step by Step Solution
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