On December 31, the Income Summary account of Johnson Company has a Credit balance of $226,000 after
Question:
On December 31, the Income Summary account of Johnson Company has a Credit balance of $226,000 after revenue of $519,000 and expenses of $293,000 were closed to the account. Gloria Johnson, Drawing has a debit balance of $18,000 and Gloria Johnson, Capital has a credit balance of $186,099. Record the journal entries necessary to complete closing the accounts. What is the new balance of Gloria Johnson, Capital?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
1 2 3 4 5 6 8 DATE 20X1 Dec GENERAL JOURNAL DESCRIPTION Closing Ent...View the full answer
Answered By
Anum Naz
Lecturer and researcher with 10+ years of experience teaching courses in both undergraduate and postgraduate levels. Supervised 17 BA theses, 07 MA theses, and 1 Ph.D. dissertations. Edited and co-authored 2 monographs on contemporary trends in political thought. Published over articles in peer-reviewed journals.
11+ Reviews
51+ Question Solved
Related Book For 
College Accounting A Contemporary Approach
ISBN: 9781265647308
6th Edition
Authors: M. David Haddock, John Price, Michael Farina
Question Posted:
