The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.
The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.
The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.
The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.