Cut Copy Paste Format Painter Clipboard E D14 A B C Calibri 11 A A BIU Font D E F Wrap Text General x Merge & Center $ %" +0 .00 Conditional Format as Cell 00 0 Formatting Table Styles Alignment Number Z Styles G H K L M N 0 1 Jenny Consulting wants to close the accounting period as at January 31, 2021. 2 This involves bringing the balances in all revenue, expense, and drawings accounts to zero, and updating the balance in the Owner's Capital account. 3 4 Required: 5 6 Prepare closing entries and a post-closing trial balance Prepare closing entries 1. close revenue accounts: Debit each individual revenue account for its balance, and credit Income Summary for total revenues. 7 8 2. close expense accounts: Debit Income Summary for total expenses, and credit each individual expense account for its balance. 9 10 11 3. close Income Summary account: Debit Income Summary for its balance (or credit it if there is a loss) and credit (debit) the Owner's Capital account. 4. Debit the Owner's Capital account and credit the Owner's Drawings account for the balance in drawings. 23456 1 17 18 2 19 20 21 22 23 24 Date Description General Journal PR: J10 AC no. Debit $ Credit $ H Insert Delete P Cells