Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.(a) Journalize the entry required to close the Teresa Schafer, Drawing account.(b) Determinethe amount of Teresa Schafer, Capital at the end of the period.
Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.(a) Journalize the entry required to close the Teresa Schafer, Drawing account.(b) Determinethe amount of Teresa Schafer, Capital at the end of the period.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...
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Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.
(a)
(b) Determine
the amount of Teresa Schafer, Capital at the end of the period.
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