On December 31 the Income Summary Account of Cook Company

question 19

Essay

On December 31 the Income Summary account of Cook Company has a debit balance of $18,000 after revenue of $49,000 and expenses of $67,000 were closed to the account. Maria Cook, Drawing has a debit balance of $23,000 and Maria Cook, Capital has a credit balance of $84,000. Record the journal entries necessary to complete closing the accounts. Use 22 as the general journal page number. Then, post the closing entries to the Maria Cook, Capital account.

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Definitions:

Penalty

A punishment imposed for violating a law, rule, or contract.

Cooperate

To work or act together towards a common goal or benefit, often requiring compromise or teamwork.

Policymakers

Individuals or members of government bodies responsible for creating and implementing laws and policies.

Legitimate Purposes

Valid or acceptable reasons or objectives for a policy, action, or law as recognized by a governing body or morality.