ACTIVITY 2 Directions: Prepare a Statement of Changes in Equity. The Capital, Withdrawal and Income Summary accounts for Harry's Travel Agency are shown in the T-Accounts below. The closing entries have been recorded for the year ended December 31, 2019. Dec 31 Harry's Capital Jan 1 420,000 360,000 Mar 9 280,000 Dec 31 430,000 Harry's Withdrawals 420,000 70,000 90,000 Mar 31 Dec 31 420,000 June 30 Sept 30 Dec 31 170,000 Income Summary Dec 31 850,000 430,000 Dec 31 1,280,000 Dec 31
ACTIVITY 2 Directions: Prepare a Statement of Changes in Equity. The Capital, Withdrawal and Income Summary accounts for Harry's Travel Agency are shown in the T-Accounts below. The closing entries have been recorded for the year ended December 31, 2019. Dec 31 Harry's Capital Jan 1 420,000 360,000 Mar 9 280,000 Dec 31 430,000 Harry's Withdrawals 420,000 70,000 90,000 Mar 31 Dec 31 420,000 June 30 Sept 30 Dec 31 170,000 Income Summary Dec 31 850,000 430,000 Dec 31 1,280,000 Dec 31
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 10MCQ: Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...
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