Homework Answers
Answer
- Net Income (or Loss) for each case
|
Debit |
Credit |
Net Income (Loss) |
|
|
[A] |
[B] |
[C = B - A] |
|
|
a |
$650,000 |
$518,000 |
($132,000) |
|
b |
$704,000 |
$764,000 |
$60,000 |
|
c |
$426,000 |
$391,825 |
($34,175) |
- Journal entry to close Income Summary for each case
|
Accounts title |
Debit |
Credit |
|
|
[a] |
Retained Earnings |
$132,000 |
|
|
Income Summary |
$132,000 |
||
|
[b] |
Income Summary |
$60,000 |
|
|
Retained Earnings |
$60,000 |
||
|
[c] |
Retained Earnings |
$34,175 |
|
|
Income Summary |
$34,175 |
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Exercise 21.3 Objective 21-3 Recording closing of Income Summary In each of the following situations, what...
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General journal... 1. fee income to income summary 2. expenses yo income summary 3. net income...
General journal...
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2. expenses yo income summary
3. net income or loss from income summary to capital
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General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account
General Ledger. post the closing entries to owner's
capital account
Trial Balance....prepare a post closing trial
balance
Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500...
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