Ledbeter Gibbs_Accounting 3.07 - Part 1 The income summary account is a temporary Owner's Equity Account anthe Income Statement is a financial statement

Ledbeter Gibbs_Accounting 3.07 - Part 1 The income summary...

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Part 1 Part 2 ARC Industries Income Statement For the Month Ending January 31, 2016 Revenue: Fees Revenue 1,000.00 Total Revenue 1,000.00 Expenses: Rent Expenses 100.00 Other Expenses 400.00 Total Expenses 500.00 Net Income 500.00 Closing Entries Debit Credit 1 Fees Revenue 1,000.00 Income Summary 1,000.00 2 Income Summary 500.00 Rent Expense 100.00 Other Expense 400.00 3 Income Summary 500.00 Owner's Capital 500.00 4 Owner's Capital 150 Withdrawals 150.00 Income Summary Fees Revenue Rent Expense 1000 1000 100 500 Closing 1000 Closing 100 Closing 500 Balance 0 Balance 0 Withdrawals
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