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Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account
Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used.
- Salaries Expenses $66,000
- Utilities Expenses $10,000
- Depreciation Expense $8,000
- Owners drawings $10,000
- Owners capital $88,000
- Service revenue $107,000
Based on the above information, provide the closing entries.
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