Prepare the closing entries, Accounting Basics

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Prepare the closing entries

The ledger of Quentin Company contains the following balances: Quentin, Capital $31,120; Quentin, Drawing $1,680; Service Revenue $48,988; Salaries Expense $27,123; and Supplies Expense $3,145. Prepare the closing entries at December 31Debit: Income summary 30,268

Credit: Salaries expense 27,123
Credit: Suppplies expense 3,145

Debit: Service revenue 48,988
Credit: Income summary 48,988

Debit: Income summary 18,720 <= I don't understand how the Income summary/Quentin, capital is 18,720. Can anyone
Credit: Quentin, capitl 18,720 explain? Thanks!

Debit: Quentin, capital 1,680
Credit: Quentin, Drawing 1,680

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Accounting Basics: Prepare the closing entries

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Accounting Basics: Prepare the closing entries

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Recent Questions Asked Accounting Basics

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Accounting Basics: Prepare the closing entries

Reference No:- TGS0684734

Recent Questions Asked Accounting Basics

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