Price Company Earned Net Income of $43,000 During 2010

question 104

Essay

Price Company earned net income of $43,000 during 2010. The company had owner drawings totalling $30,000 during the period. Prepare the entries to close Income Summary and the Price, Drawing account.

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Definitions:

Work Plan

A detailed proposal of how to accomplish a project or task, including the stages, tasks, resources, timelines, and responsibilities involved.

Customers List

A compilation of information about customers who have engaged with a business, often used for marketing or customer service purposes.

Products and Services List

An organized inventory of the items and services offered by a business, often included in financial, sales, and operational documents.

Sales Transactions

Financial exchanges or deals that occur when selling goods or services to customers.