Concept explainers
(a)
Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these
Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.
Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.
To Prepare: The closing entries as on June 30.
(b)
To
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