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Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.
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Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.
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Dec 14, 2018
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Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.
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Assuming that you wanted to know how to journal this, it would be :
Dec. 31
Debit Credit
Income Summary $ 188,000
Retained Earning $ 188,000
Vitalii Ivanov
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Dec 20, 2018
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