All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to capital) (To close drawings to capital) Debit Credit

All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to capital) (To close drawings to capital) Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 6E: After all revenue and expenses have been closed at the end of the fiscal period ended December 31,...

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