Register
Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.
31.6k views
0 votes
Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.

User Leveluptor
by
8.1k points

1 Answer

3 votes
Assuming that you wanted to know how to journal this, it would be :

Dec. 31

Debit Credit
Income Summary $ 188,000
Retained Earning $ 188,000
User Vitalii Ivanov
by
7.6k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
You sell popcorn during your schools football games. Knowing that the people usually buy more when the price is lower, how would you price your popcorn after halftime?
The government has decided that the free market price of cheese is too low. Farmers complain that the price floor has reduced their total revenue.Is this possible? Explain
Link Copied!