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CLOSING ENTRIES

YOU WILL CLOSE 4 ACCOUNTS:


1. NET INCOME
Income Summary
Owners Capital
To close income summary account
2. DRAWING
Owners Capital
Owners Drawing
To close the drawing account
3. REVENUE
Revenues
Income Summary
To close the revenue accounts
4. EXPENSES
Income Summary
Owners Capital
To close the expense accounts

QM1 - DONE
QM2 - DONE
QM3 QM4 - DONE
QM5 QM6 -DONE
QM7 QM8 QF1 STF DONE

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