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  • Closing Journal - Kim

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    Catherine Kim
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    The document summarizes the income and expenses for a business. It shows total income of $290,450 from repair income, referral income, and interest income. Total expenses were $181,550, including salaries, rent, taxes, utilities, interest, doubtful accounts, insurance, supplies, and depreciation expenses. This left net income of $108,900, which was transferred to the owner's capital account. The owner then took a $5,000 drawing, leaving a remaining capital balance.

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    CLOSING JOURNAL_KIM

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    The document summarizes the income and expenses for a business. It shows total income of $290,450 from repair income, referral income, and interest income. Total expenses were $181,550, including salaries, rent, taxes, utilities, interest, doubtful accounts, insurance, supplies, and depreciation expenses. This left net income of $108,900, which was transferred to the owner's capital account. The owner then took a $5,000 drawing, leaving a remaining capital balance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1 views1 page

    Closing Journal - Kim

    Uploaded by

    Catherine Kim
    The document summarizes the income and expenses for a business. It shows total income of $290,450 from repair income, referral income, and interest income. Total expenses were $181,550, including salaries, rent, taxes, utilities, interest, doubtful accounts, insurance, supplies, and depreciation expenses. This left net income of $108,900, which was transferred to the owner's capital account. The owner then took a $5,000 drawing, leaving a remaining capital balance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Repair Income 275,000

    Referral Income 15,000


    Interest Income 450
    Income Summary 290,450

    To close Revenues

    Income Summary 181,550


    Salaries Expense 45,000
    Rent Expense 55,000
    Taxes & Licenses 8,750
    Utilities Expense 46,750
    Interest Expense 1,000
    Doubtful Accounts Expense 4,900
    Insurance Expense 10,000
    Supplies Expense 400
    Depreciation Expense- Machinery 7,500
    Depreciation Expense- Furniture 2,250
    To close Expenses

    Income Summary 108,900


    Carl, Capital 108,900
    To close income summary

    Carl, Capital 5,000


    Carl, Drawing 5,000

    To close drawing account

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