4 Protected View Exce Fie Home Insent Page Layout Formuias Data Review Vew Help

Question

4 Protected View Exce Fie Home Insent Page Layout Formuias Data Review Vew Help Tel me whast you want tod O PROTECTED I from the Intemet can contan ises Unless you need to edit, it's safer to stay in Potected View Journal Entry Assignment #4 Due: March 19 Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. What is the journal entry required to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed? Hint: Refer back to Chapter 4, where you learned how to close out the accounts at the end of the year. For this assignment, you will only have one entry. just the one to close out Income Summary. Although, when closing, we typically have four entries to complete. You will need to create the first two entries separately to determine the amount for this assignment General Journal Generallournal ac

Explanation / Answer

Closing entry :

Date accounts & explanation debit credit Revenue 185000 Income summary 185000 (To close revenue account) Income summary 103700 Expense 103700 (To close expense account) Income summary 81300 Owner's capital 81300 Owner's capital 18000 Owner's drawing 18000

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.