Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

EX 04.16 Please help me determine the amount of Teresa Schafer, Capital at the end of the period. Instructions Chart of Accounts Journal Final Question

EX 04.16 Please help me determine the amount of Teresa Schafer, Capital at the end of the period.

image text in transcribed
Instructions Chart of Accounts Journal Final Question Instructions Assume that the entry closing total revenues of $951,400 and total expenses of $757,600 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,462,000 and Teresa Schafer, Drawing has a balance of $39,000. Required: (a) Journalize the entry required to close the Teresa Schafer, Drawing account Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (b) Determine the amount of Teresa Schafer, Capital at the end of the period. Journal Shaded cells have feedback. (a) Journalize the entry required to close the Teresa Schafer, Drawing account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 11 JOURNAL Score: 25/25 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries Dec. 31 Teresa Schafer, Capital 39,000.00 T.A... Teresa Schafer, Drawing 39,000.00 EET Points: 5/5 MEET

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

11th Edition

1119594596, 978-1119594598

More Books

Students also viewed these Accounting questions

Question

Performance of IPOs. How do IPOs perform over the long run?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago