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After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of $45,550 and a credit of $36,520. On the same date, D. Mau, Drawing has a debit balance of $12,000 and D. Mau, Capital had a beginning credit balance of $63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 5, Problem 6E
Textbook Problem

After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of $45,550 and a credit of $36,520. On the same date, D. Mau, Drawing has a debit balance of $12,000 and D. Mau, Capital had a beginning credit balance of $63,410.

  1. a. Journalize the entries to close the remaining temporary accounts.
  2. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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