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The capital, withdrawal and income summary accounts for Christopher Biore Trave Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary Dec. 31 P 850,000 430,000 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency

The capital, withdrawal and income summary accounts for Christopher Biore Trave Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary Dec. 31 P 850,000 430,000 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...
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The capital, withdrawal and income summary accounts for Christopher Biore Travel Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary P 850,000 430,000 Dec. 31 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency
Transcribed Image Text:The capital, withdrawal and income summary accounts for Christopher Biore Travel Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary P 850,000 430,000 Dec. 31 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency
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