17mbenzer 17mbenzer
  • 02-04-2020
  • Business
contestada

How do you prepare closing entries in accounting

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alex051442 alex051442
  • 02-04-2020
like really dont know the answer to this but I wish u luck
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Kekebad578
Kekebad578 Kekebad578
  • 02-04-2020
The answer is:

Close all income accounts to Income Summary.
Close all expense accounts to Income Summary.
Close Income Summary to the appropriate capital account.
Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)
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