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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 35
Closing entries.
On December 31, the Income Summary account of Escobedo Company has a debit balance of $27,000 after revenue of $29,000 and expenses of $56,000 were closed to the account. Rosa Escobedo, Drawing has a debit balance of $3,000 and Rosa Escobedo, Capital has a credit balance of $48,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Rosa Escobedo, Capital?
On December 31, the Income Summary account of Escobedo Company has a debit balance of $27,000 after revenue of $29,000 and expenses of $56,000 were closed to the account. Rosa Escobedo, Drawing has a debit balance of $3,000 and Rosa Escobedo, Capital has a credit balance of $48,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Rosa Escobedo, Capital?
Explanation
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As given, the 'Income Summary Account' a...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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