Answer:
revenues 598,000 debit
income summary 598,000 credit
--- to close revenues accounts---
income summary 480,000 debit
expenses 480,000 credit
-- to close expenses accounts ---
income summary 70,000 debit
lang withdrawals 40,000 credit
capri withdrawals 30,000 credit
--- to close withdrawals account---
Step-by-step explanation:
We will use income summary account to close the accounts:
as the revenues normal balance is credit to close it, we will debit it.
as expenses normal balance is debit to close it, we will credit it.
the withdrawals are done like:
withdrawals debit
cash credit
so their blaance is debit, to close it we will credit them