Question

Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credite

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Answer #1

Closing entry for Sales
Income Summary (330) is Credited and Sales (410) is debited

Closing entry for expense accounts
Income Summary (330) is debited and Expense accounts (510, 520, 550) will be credited

Closing entry for Income Summary with a net income
Income Summary (330) is debited and K. Schenk, Capital (310) will be credited

Closing entry for Income Summary with a net loss
Income Summary (330) is credited and K. Schenk, Capital (310) will be debited

Closing entry for owner's drawing account
K. Schenk, Capital (310) will be debited and K. Schenk, Drawings (320) will be credited

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