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-   -   Close Income Summary Account for stockholder's equity reporting (https://www.askmehelpdesk.com/showthread.php?t=185000)

  • Feb 17, 2008, 11:28 AM
    GnaGna
    Close Income Summary Account for stockholder's equity reporting
    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
  • Feb 20, 2008, 01:52 PM
    MaggieMouse
    Close all the income statement accounts and close them to retained earnings.

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