On December 31, the Income Summary account of Escobedo Company has a debit balance of $27,000 after
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On December 31, the Income Summary account of Escobedo Company has a debit balance of $27,000 after revenue of $29,000 and expenses of $56,000 were closed to the account. Rosa Escobedo, Drawing has a debit balance of $3,000 and Rosa Escobedo, Capital has a credit balance of $48,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Rosa Escobedo, Capital?
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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