On December 31, the Income Summary account of Ballon Company has a debit balance of $222,000 after
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On December 31, the Income Summary account of Ballon Company has a debit balance of $222,000 after revenue of $234,000 and expenses of $456,000 were closed to the account. Kenneth Ballon, Drawing has a debit balance of $24,000 and Kenneth Ballon, Capital has a credit balance of $348,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Kenneth Ballon, Capital?
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Related Book For 
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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