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Current Attempt in Progress At the end of its first year of operation, Skysong...

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Question

Accounting

Current Attempt in Progress
At the end of its first year of operation, Skysong Corporation has $900,000 of common stock and net income of $247,000.
(a)
Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
image

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