Hi, My name is Janis. I would like to know I need to Journalize Transaction for May. I have a net income from April, do I enter the net income as my first transaction for May as cash debit and capital credit.

Thanks, Janis

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Originally Posted by dawkins4

Hi, My name is Janis. I would like to know I need to Journalize Transaction for May. I have a net income from April, do I enter the net income as my first transaction for May as cash debit and capital credit.

thanks, Janis

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No you should not pass that journal entry but u can pass like this

Revenue a/c. dr
To capital credit