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EXERCISE 5-5 The Income Statement columns of the work sheet of Redfax Company for the...

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Accounting

EXERCISE 5-5 The Income Statement columns of the work sheet of Redfax Company for the fiscal year ended December 31 follow. During the year, D. Redfax withdrew $12,000. Journalize the closing entries. 5 A H 1 (5)/(6) INCOME STATEMENT 7 ACCOUNT NAME Income from Services DEBIT CREDIT 8 Income from Services Rental Revenue 32,750.00 9 18,000.00 -= 10 Utilities Expense 36,725.00 11 Miscellaneous Expense 8,650.00 12 2,415.00 13 Net Income 41,190.00 2.960 .00 50,150.00 14 50,750.00 50,750,00 15 141 Sheet2 // Sheet3 III 5 EXERCISE 5-6 After all revenue and expenses have been closed at the end of the fiscal seriod ended December 31, Income Summary has a debit of $45,550 and a credit of

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