Accounting Chapter 9 Mastery Problem

: Close the Income Summary balance (your Net Income or Loss) to the Owner’s Capital : Close the Owner’s Drawing account directly to Capital. 3. Prepare the Post-Closing Trial Balance This is your final check. This trial balance should

: Debit Supplies Expense and Credit Supplies for the amount used. Prepaid Insurance accounting chapter 9 mastery problem

: Calculating gross pay, employee withholdings (Social Security, Medicare, Income Tax), and employer payroll taxes (FUTA/SUTA). Specialized Journals : Close the Income Summary balance (your Net