Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Sales revenue | $40,000 | |
| Income Summary | $40,000 | |
| (To close revenue accounts) | ||
| Income Summary [All expenses = $19,000 + $6,000] | $25,000 | |
| Salaries and Wages expense | $19,000 | |
| Depreciation expense | $6,000 | |
| (To close expense accounts) | ||
| Income Summary [Total revenue - Total expenses = $40,000 - $25,000] | $15,000 | |
| Owners capital | $15,000 | |
| (To close net income / (loss)) | ||
| Owner's capital | $9,000 | |
| Owner's drawings | $9,000 | |
| (To close owner's drawings) |
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