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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 48
Closing entries with net income
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $798,400 and a credit of $955,300. At the same date, Debra Allen, Capital has a credit balance of $1,439,000, and Debra Allen, Drawing has a balance of $36,000. (a) Journalize the entries required to complete the closing of the accounts. (b) Determine the amount of Debra Allen, Capital at the end of the period.
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $798,400 and a credit of $955,300. At the same date, Debra Allen, Capital has a credit balance of $1,439,000, and Debra Allen, Drawing has a balance of $36,000. (a) Journalize the entries required to complete the closing of the accounts. (b) Determine the amount of Debra Allen, Capital at the end of the period.
Explanation
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(a) To journalize the entries ...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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