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The ledger of quentin company contains the following

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The ledger of Quentin Company contains the following balances: Quentin, Capital $31,120; Quentin, Drawing $1,680; Service Revenue $48,988; Salaries Expense $27,123; and Supplies Expense $3,145. Prepare the closing entries at December 31Debit: Income summary 30,268

  • Credit: Salaries expense 27,123
  • Credit: Suppplies expense 3,145
  • Debit: Service revenue 48,988
  • Credit: Income summary 48,988
  • Debit: Income summary 18,720 <= I don't understand how the Income summary/Quentin, capital is 18,720. Can anyone
  • Credit: Quentin, capitl 18,720 explain? Thanks!
  • Debit: Quentin, capital 1,680
  • Credit: Quentin, Drawing 1,680

Reference no: EM13579892

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