Reference no: EM132500906

The partial worksheet for the Jamison Company showed the following data on October 31, 2019.

INCOME

STATEMENT BALANCE

SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT

Jason Jamison, Capital 37,500

Jason Jamison, Drawing 5,250

Fees Income 27,500

Salaries Expense 13,400

Rent Expense 1,750

Supplies Expense 1,150

Utilities Expense 1,250

Depr. Exp. -Equip. 1,600

Totals 19,150 27,500

49,150 40,800

Net Income 8,350 8,350

27,500 27,500

49,150 49,150

Prepare the closing entries for Jamison Company on October 31, 2019.

Question 1 Record entry to transfer fees income to income summary.

Question 2 Record entry to transfer expenses to income summary.

Question 3 Record entry to transfer net income or net loss from income summary to capital.

Question 4 Record entry to transfer drawings to capital account.