What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018? Cash Accounts Receivable Trucks Account Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Debit Income Summary for $130,000 Debit Income Summary = Net Income Credit Income Summary for $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018? Cash Accounts Receivable Trucks Account Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Debit Income Summary for $130,000 Debit Income Summary = Net Income Credit Income Summary for $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 35E: Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance...
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