Close Income Summary Account for stockholder's equity reporting

GnaGna · #1 Feb 17, 2008, 10:28 AM

How do I journal the following in regards to stockholder's equity accounting?:

I need to Close the income summary account with an incurred loss of $15,000

MaggieMouse · Feb 20, 2008, 12:52 PM

Close all the income statement accounts and close them to retained earnings.



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