Solution-Provide the closing entry for the income summary

Provide the closing entry for the income summary account

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Reference no: EM131804899

Accounting Cycle Assignment

The following is the adjusted trial balance as of December 31, 2017 of Martin Watch Company:

Accounts	Debit	Credit
Cash	$18,000
Accounts Receivable	30,000
Prepaid Insurance	9,000
Office Supplies	3,200
Building	165,000
Accumulated Depreciation-Building		$12,000
Equipment	88,000
Accumulated Depreciation-Equipment		8,500
Land	45,000
Accounts Payable		12,000
Salaries Payable		2,000
Unearned Revenue		25,000
Mortgage Payable		100,000
J. Martin, Capital		21,290
J. Martin, Withdrawals	25,840
Service Revenue		325,000
Salaries Expense	63,000
Depreciation Expense-Building and Equipment	6,250
Supplies Expense	15,000
Insurance Expense	14,500
Utilities Expense	23,000
Total	$505,790	$505,790

USING T ACCOUNTS

Provide the closing entry for revenues

Provide the closing entry for expenses

Provide the closing entry for the Income Summary account

Provide the closing entry for the J. Martin, Withdrawals account

What is the final balance for the J. Martins, Capital account?

Prepare a Post-Closing trial balance.

Reference no: EM131804899

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Provide the closing entry for the income summary account

Reference no: EM131804899

Reference no: EM131804899

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