On December 31 the Income Summary account of Cook Company has a debit balance of $18,000 after revenue of $49,000 and expenses o
f $67,000 were closed to the account. Maria Cook, Drawing has a debit balance of $23,000 and Maria Cook, Capital has a credit balance of $84,000. Record the journal entries necessary to complete closing the accounts. Post the closing entries to the Maria Cook, Capital account.
1 answer:
Answer: The answer is given below
Explanation:
The journal gives a detailed account of the financial activities that has taken place in an organization or a business.
The journal entries necessary to complete closing the above accounts has been recorded and attached. It should also be noted that the capital balance will be:
= $84000 - $18000 - $23000
= $43000
Check the attached file for further analysis.
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