Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used.   Salaries Expenses             $66,000 Utilities Expenses               $10,000 Depreciation Expense     $8,000 Owner’s drawings            $10,000 Owner’s capital               $88,000 Service revenue              $107,000   Based on the above information, provide the closing entries.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used.

 

  • Salaries Expenses             $66,000
  • Utilities Expenses               $10,000
  • Depreciation Expense     $8,000
  • Owner’s drawings            $10,000
  • Owner’s capital               $88,000
  • Service revenue              $107,000

 

Based on the above information, provide the closing entries.

 

 
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