Question

Assume further that the owner of the firm is Armando Soto and that the Armando Soto, Drawing account had a balance of $26, 700 on December 31, 2016 Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts Prepare the closing entry for revenue and other credit items. Prepare the closing entry for expenses and other debit items. Prepare the closing entry for the balance of income summary. prepare the closing entry for the drawing account.