Answer:
revenues 598,000 debit
income summary 598,000 credit
--- to close revenues accounts---
income summary 480,000 debit
expenses 480,000 credit
-- to close expenses accounts ---
income summary 70,000 debit
lang withdrawals 40,000 credit
capri withdrawals 30,000 credit
--- to close withdrawals account---
Explanation:
We will use income summary account to close the accounts:
as the <u>revenues </u>normal balance is credit to close it, we will debit it.
as <u>expenses </u>normal balance is debit to close it, we will credit it.
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<u>the withdrawals are done like:</u>
withdrawals debit
cash credit
so their blaance is debit, to close it we will credit them
