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00-3 online - Principles of Accounting All revenue and expense accounts have been closed at...

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Accounting

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00-3 online - Principles of Accounting All revenue and expense accounts have been closed at the end of the calendar year for Renfro Company. The income Summary account has total debits of $500,000 and total credits of $600,000. As of the same date Don Renfro, Capital has a balance of $115,000, and Don Renfro, Drawing has a balance of $48,000. Instructions (a) Journalize the entries required to complete the closing of the accounts. () Prepare an owner's equity statement for the year ended December 31, 2018 Paragraph

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