A company's December 31 work sheet appears below with summary amounts in the Income Statement and Balance Sheet columns. Prepare the four necessary closing entries. 
What will be an ideal response?
| Dec. 31 Revenue………………………….. 19,500 |
| Income Summary………… 19,500 |
| 31 Income Summary……………….. 16,500 |
| Salaries Expense………….. 11,250 |
| Other Operating Expenses… 5,250 |
| 31 Income Summary……………. … 3,000 |
| Kate Smith, Capital………. 3,000 |
| 31 Kate Smith, Capital……………… 1,500 |
| Kate Smith, Withdrawals…… 1,500 |
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Answer the following statement true (T) or false (F)
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