When December 31 the income account of Madison company has a depth balance of $37000 up...
When December 31 the income account of Madison company has a depth balance of $37000 up the revenue of $39000 in it experiences of $76000 were close to the account Madison Wales drawn has a dead balance of $4000 in Madison will capital has a credit moments of $58000 record the journal entry necessary to complete in closing the
Homework Answers
Closing entries:
| Date | Account title and explanation | Debit | Credit |
| Dec 31 | Revenue | $39,000 | |
| Income summary | $39,000 | ||
| [To close revenue accounts] | |||
| Dec 31 | Income summary | $76,000 | |
| Expenses | $76,000 | ||
| [To close expenses account] | |||
| Dec 31 | Madison Wales, capital | $37,000 | |
| Income summary [76,000-39,000] | $37,000 | ||
| [To close income summary account] | |||
| Dec 31 | Madison Wales, capital | $4,000 | |
| Madison Wales, withdrawals | $4,000 | ||
| [To close withdrawals account] |
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When December
31 the income account of Madison company has a depth balance of
$37000 up...
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On December 31st the income summary account of medicine company has a better balance of 37000 after revenue of 39000 and Aix mrs of suddenly 6000 were close to their count Madison whale drawn has a debt balance of $4000 in medicine wheel capital has a credit mounds of $58000 record the journal entries necessary took pleat closing the account
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