Question

On December 31, the Income Summary account of Coulter Company has a credit balance of $19,200...

On December 31, the Income Summary account of Coulter Company has a credit balance of $19,200 after revenue of $93,200 and expenses of $74,000 were closed to the account. Joseph Coulter, Drawing has a debit balance of $5,000 and Joseph Coulter, Capital has a credit balance of $50,000.

Record the journal entries necessary to complete closing the accounts. Post the closing entries to the Joseph Coulter, Capital account.

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Answer #1
December 31 Income Summary 19200
      Joseph Coulter, Capital 19200
December 31 Joseph Coulter, Capital 5000
      Joseph Coulter, Drawing 5000
ACCOUNT: Joseph Coulter, Capital
Balance
Date Debit Credit Debit Credit
December 1 Balance 50000
December 31 Closing (Income Summary) 19200 69200
December 31 Closing (Drawing) 5000 64200
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