Chapter 4, Problem S4.10SE

To determine

The Revenues and expenses are closed by transferring the same to the Income Summary. The revenues are closed by crediting it to Income Summary and debiting the revenues. The expenses are closed by debiting it to Income Summary and crediting to the respective expense account. The Withdrawals account of proprietor is closed by transferring it to capital by debiting the amount of withdrawals in Capital.

To indicate: The Closing entries to be passed for normal balances of accounts listed in Trial balance