Chapter 6
Corporations: Contributed Capital and Dividends
290
Complete the closing entries at year-end, using the income summary account.
Date
Account Title and Explanation
Debit
Credit
AP-3B (
8
)
For the year 2016, Tinsmith Company experienced a net loss of $140,000. The revenues and
expenses have already been closed to the income summary account. Prepare the final entry
to complete the closing process, assuming that the company has a December 31 year-end.
Date
Account Title and Explanation
Debit
Credit
