CLOSING ENTRIES

1 Income Summary Account xxxxx

All Expenses xxxxx

2 All Revenues xxxxx

Income Summary Account xxxxx

3 Profit
Income Summary Account xxxxx
Capital / Retained Earning xxxxx

Loss

Capital / Retained Earning xxxxx

Income Summary Account xxxxx

4 Capital xxxxx
Drawing xxxxx

1 Income Summary Account 200000

All Expenses 200000

2 All Revenues 250000

Income Summary Account 250000

3 Profit
Income Summary Account 50000
Capital / Retained Earning 50000

1 Income Summary Account 500000

All Expenses 500000

2 All Revenues 400000

 Income Summary Account 400000

Loss

Capital / Retained Earning 100000

Income Summary Account 100000
 OPENING ENTRY

Assets xxxxx
Allowances for Bad Debts xxxx
Allowances for Depreciation xxxx
Liabilities xxxx
Capital (Old Capital +Net Profit - Drawing) xxxx