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    GnaGna's Avatar
    GnaGna Posts: 1, Reputation: 1
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    #1

    Feb 17, 2008, 11:28 AM
    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
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #2

    Feb 20, 2008, 01:52 PM
    Close all the income statement accounts and close them to retained earnings.
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