Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At

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Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances:
Jontil Co. began the current period with a $14,000 balance

a. After closing the revenue and expense accounts, what will be the balance of the Income Summary account?
b. After all of the closing entries are journalized and posted, what will be the balance of the Peter Jontil, Capita] account?

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Related Book For  answer-question

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

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