Closing Entries
30-Dec Service Fees 6,000,000
Income Summary 6,000,000
30-Dec Income Summary 1,950,000
Salaries Expense 1,200,000
Utilities Expense 500,000
Depreciation Expense 100,000
Interest Expense 30,000
Insurance Expense 40,000
Supplies Expense 80,000
30-Dec Income Summary 4,050,000
Owner's Equity 4,050,000