Reference no: EM132480907

The partial worksheet for the Jamison Company showed the following data on October 31, 2019.

                                                          INCOME BALANCE                                 STATEMENT SHEET

ACCOUNT NAME                                       DEBIT CREDIT                                     DEBIT CREDIT

Jason Jamison, Capital                                                                             34,500

Jason Jamison, Drawing                               3,750

Fees Income                                                24,500

Salaries Expense                                             12,200

Rent Expense                                                                                             1,450

Supplies Expense                                                  850

Utilities Expense                                                      950

Depr. Exp. -Equip. ___                               1,300            ______                _______                     ______

Totals                                         16,750                24,500                        46,150                           38,400

Net Income                                     7,750               _______                       _______                         7,750

                                                    24,500                24,500                           46,150                       46,150

Question 1: How do you enter these transactions in the closing entries for Jamison Company on October 31, 2019.

Question 2: How do you enter these transactions to transfer fees income to income summary.

Question 3: How do you enter these transactions to transfer expenses to income summary.

Question 4: How do you enter these transactions to transfer net income or net loss from income summary to capital.

Question 5: How do you enter these transactions to transfer drawings to capital account.