Presented below are the owner's Capital, Withdrawals, and Income Summary accounts for Homer's Pet Grooming Boutique for the year ended December 31, 20xx.
In the journal provided, prepare the closing entries that resulted in the T accounts above. Assume that the only revenue is Revenue from Services and the only expense is Advertising Expense. Omit explanations.

Question

Presented below are the owner's Capital, Withdrawals, and Income Summary accounts for Homer's Pet Grooming Boutique for the year ended December 31, 20xx.
  In the journal provided, prepare the closing entries that resulted in the T accounts above. Assume that the only revenue is Revenue from Services and the only expense is Advertising Expense. Omit explanations.

Quizplus · Accepted Answer

The Answer of Presented below are the owner's Capital, Withdrawals, and Income Summary accounts for Homer's Pet Grooming Boutique for the year ended December 31, 20xx.
  In the journal provided, prepare the closing entries that resulted in the T accounts above. Assume that the only revenue is Revenue from Services and the only expense is Advertising Expense. Omit explanations.

Presented Below Are the Owner's Capital, Withdrawals, and Income Summary