Closing net income to Owner’s Capital
Transaction
A sole proprietorship has closed all revenue and expense accounts for the year to Income Summary, which now has a credit balance of $38,200.00. Close Income Summary to Owner’s Capital.
Accounts
Tap an account, then choose Debit or Credit and type the amount. × removes a line.
Debit
No lines yet. Choose an account above.
Credit
No lines yet. Choose an account above.
Debits $0.00Credits $0.00
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