Question
Assume that the entry closing total revenues of $255,100 and total expenses of $190,400 has been made for the year ending December 31. At the
Assume that the entry closing total revenues of $255,100 and total expenses of $190,400 has been made for the year ending December 31. At the end of thefiscal year, Teresa Schafer, Capital has a credit balance of $295,000 and Teresa Schafer, Drawing has a balance of $24,800.
a.Journalize the entry required to close the Teresa Schafer, Drawing account. If an amount box does not require an entry, leave it blank.
b.Determine the amount of Teresa Schafer, Capital at the end of the period.
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Accounting Information Systems
Authors: George H Bodnar, William S Hopwood
10th Edition
013609712X, 978-0136097129
