Chapter 4, Problem 14E

To determine

Concept introduction:

The income summary account is a temporary or transitional account which is used for closing entries in a manual accounting. In the closing process each revenue account is debited and total of debit will be credited in the income summary account and each expenses account will be credited with the amount of their debit balance and income summary account will be debited with the amount of all expenses.

To determine:

We have to determine the closing entries for revenues and expenses.