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View Full Version : Close Income Summary Account for stockholder's equity reporting


GnaGna
Feb 17, 2008, 11:28 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, 01:52 PM
Close all the income statement accounts and close them to retained earnings.