Coe Company earned net income of $56,000 during 2022. The company had owner drawings totaling $35,000 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account.

Question

Quizplus · Accepted Answer

The Answer of Coe Company earned net income of $56,000 during 2022. The company had owner drawings totaling $35,000 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account.

Coe Company Earned Net Income of $56,000 During 2022