The document summarizes the closing journal entries made on December 31, 2016 by Quality Auto Repair Shop to close income and expense accounts for the period. The journal entries close repair income and rent income accounts to an income and expense summary account. They also close various expense accounts to the income and expense summary account. Finally, the income and expense summary account is closed to the owner's drawing account, which is then closed to the owner's capital account.
The document summarizes the closing journal entries made on December 31, 2016 by Quality Auto Repair Shop to close income and expense accounts for the period. The journal entries close repair income and rent income accounts to an income and expense summary account. They also close various expense accounts to the income and expense summary account. Finally, the income and expense summary account is closed to the owner's drawing account, which is then closed to the owner's capital account.
The document summarizes the closing journal entries made on December 31, 2016 by Quality Auto Repair Shop to close income and expense accounts for the period. The journal entries close repair income and rent income accounts to an income and expense summary account. They also close various expense accounts to the income and expense summary account. Finally, the income and expense summary account is closed to the owner's drawing account, which is then closed to the owner's capital account.
The document summarizes the closing journal entries made on December 31, 2016 by Quality Auto Repair Shop to close income and expense accounts for the period. The journal entries close repair income and rent income accounts to an income and expense summary account. They also close various expense accounts to the income and expense summary account. Finally, the income and expense summary account is closed to the owner's drawing account, which is then closed to the owner's capital account.