Sheridan Company earned net income of $63,840 during 2020. The company had owner drawings totalling $39,900 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to Owner's Capital.) (To close Owner's Drawings to Owner's Capital.) Debit Credit

Sheridan Company earned net income of $63,840 during 2020. The company had owner drawings totalling $39,900 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to Owner's Capital.) (To close Owner's Drawings to Owner's Capital.) Debit Credit

Name: Sheridan Company earned net income of $63,840 during 2020. The compan
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Description: Sheridan Company earned net income of $63,840 during 2020. The company had owner drawings totalling $39,900 during the period.Prepare the entries to close Income Summary and the Owner's Drawings account. (Credit account titles are automaticallyinden

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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