Question: On December 31 the Income Summary account of Davison Company
On December 31, the Income Summary account of Davison Company has a debit balance of $37,000 after revenue of $39,000 and expenses of $76,000 were closed to the account. Michelle Davison, Drawing has a debit balance of $4,000 and Michelle Davison, Capital has a credit balance of $58,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Michelle Davison, Capital?
Answer to relevant QuestionsComplete a chart of the accounting cycle by writing the steps of the cycle in their proper sequence.Sanford Cleaning and Maintenance, owned by Fred Sanford, provides cleaning services to hotels, motels, and hospitals. On January 31, 2016, the firm’s worksheet showed the following adjustment data. The balances of the ...Assume that you are the chief accountant for Wells’ Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts ...The following equation shows the effects of a number of transactions that took place at Beck Auto Repair Company during the month of July. Describe eachtransaction.Sherrye Cravens owns Cravens’s Consulting Service. At the beginning of September, her firm’s financial records showed the following assets, liabilities, and owner’s equity.INSTRUCTIONSSet up an equation using the ...
Post your question