yes

Chapter 5: The Accounting Cycle Completed Journalizing Closing Entries 3. From the following accounts, journalize the closing entries (assume March 31). Posting to Income Summary 4. Draw a T account of Income Summary and post to it all entries from Question 3 that affect it. Is Income Summary a temporary or permanent account? Posting to Capital 5. Draw a T account for Max Bison, Capital, and post to it all entries from Question 3 that affect it. What is the final balance of the Capital account