Question
i been working on this problem all day can I get some clarification on how to work this problem out i'm confused!!! Allen Company had
i been working on this problem all day can I get some clarification on how to work this problem out i'm confused!!!
Allen Company had the following adjusted trial balance:
Additional Resources
Account Titles Debit Credit
Cash 28,430
Accounts Receivable 18,680
Supplies 9,110
Equipment 37,600
Accumulated Depreciation 9,500
Accounts Payable 4,610
Deferred Rent Revenue 1,650
Capital 50,096
Drawing 13,700
Commission Revenue 56,096
Rent Revenue 6,400
Depreciation Expense 6,700
Utilities Expense 9,500
Supplies Expense 5,400
Total 129,120 129,120
The president of Allen Company has asked you to close the books (prepare process the closing entries).
Required:
After the closing process has been completed, answer the following questions:
What is the balance in the Capital account?
During the closing process, what amount was transferred from the income summary account to the Capital account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)?
What is the balance in the rent revenue account?
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