Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help w/ ex 4-15 and 4-16 OBJ.) EX 4-15 Closing entries Prior to closing, total revenues were $12.840,000 and total expenses were $9,975.000 During

please help w/ ex 4-15 and 4-16 image text in transcribed
OBJ.) EX 4-15 Closing entries Prior to closing, total revenues were $12.840,000 and total expenses were $9,975.000 During the year, the owner made no additional investments and withdrew $630,000. After the closing entries, how much did the owner's capital account change? Show Me How EX 4-16 Closing entries with net income OBI.3 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) Determine the amount of Teresa Schafer, Capital at the end of the period

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

EAuditing Fundamentals Virtual Communication And Remote Auditing

Authors: J.P. Russell, Shauna Wilson

1st Edition

0873898486, 978-0873898485

More Books

Students also viewed these Accounting questions

Question

1. Calculate Forward and backward propagation

Answered: 1 week ago

Question

define the term outplacement

Answered: 1 week ago

Question

describe the services that an outplacement consultancy may provide.

Answered: 1 week ago