Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the adjusted trial balance of TOUMA company at December 31, 2019 Cash Account Receivable Buildings Automotive TOUMA Company Adjusted Trial Balance

image text in transcribedimage text in transcribed

The following is the adjusted trial balance of TOUMA company at December 31, 2019 Cash Account Receivable Buildings Automotive TOUMA Company Adjusted Trial Balance December 31, 2019 Accumulated Depreciation Equipment P Accounts Payable Salaries Payable Interest Payable Uneemed Revenue Notes Payable Mortgage Payable Own Capital Debit Credit 560,000 7,000 100,000 7,000 40,000 54,000 2,000 20,000 6,000 10,000 10,000 5,000 2,000 65,000 12,000 Owen Drawings Service Reve 123,000 Depreciation Expens 4,000 1 Udition Expenses 3,000 Interest Expens 2,000 6,000 Sala Exp 5,000 Tel Based on the data above, the balance of Income Summary after closing revenues and expenses account is:* Credit $103,000 Debit $123,000 Debit $20,000 Credit $115,000

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_2

Step: 3

blur-text-image_3

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

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th edition

133117413, 978-0133129519, 133129519, 978-0133129557, 133129551, 978-0133117561, 133117561, 978-0133117417

More Books

Students also viewed these Accounting questions