Question

How to make closing entries

Answer 1

Answer:

$</h2><h2>Hii{\boxed{\boxed{\pink{\mathfrak{Answer</h2><h2>:}}}}}$Four Steps in Preparing Closing Entries

• Close all income accounts to Income Summary.
• Close all expense accounts to Income Summary.
• Close Income Summary to the appropriate capital account.
• Close withdrawals to the capital account/s (this step is for sole proprietorship and partnership only)

Answer 2

TO MAKE CLOSING ENTRIES FOLLOW THE STEPS GIVEN BELOW

• close all income accounts to income summary
• close all expanse accounts to income summary
• close income summary to the appropriate capital account
• close.withdrawl to the capital account/s (this step is for sole proprietorship and partnership only )

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