At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000.
(a)
Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000.
(a)
Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000. (a) Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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