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QUESTION
On December 31, the Income Summary account of Stewart Company has a debit balance of $19,000 after revenue of $21,000 and expenses of $40,000 were...
On December 31, the Income Summary account of Stewart Company has a debit balance of $19,000 after revenue of $21,000 and expenses of $40,000 were closed to the account. Stewart, Drawing has a debit balance of $2,200 and Stewart Capital has a credit balance of $40,000.
- Record the journal entries necessary to complete closing the accounts
- What is the new balance of Stewart Capital?
