The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow.

Table Summary:

Account income summary and account number 399 are indicated on the top. Date, description, post ref, debit, credit, and balance are the column heads of the table. Balance column is further divided into two sub columns, debit and credit. Three rows of entries are shown with debit balance column being blank.

Table Summary: 

Account Henry Peterson, capital and account number 301 are indicated on the top. Date, description, post ref, debit, credit, and balance are the column heads of the table. Balance column is further divided into two sub columns, debit and credit. Three rows of entries are shown with debit balance column being blank.

Complete the following statements:

1. Total revenue for the period is ____________.

2. Total expenses for the period are ____________.

3. Net income for the period is ____________.

4. Owner’s withdrawals for the period are ____________.

Transcribed Image Text:

Account Income Summary Date Description Post Ref. Debit 20X1 Dec. 31 Closing 31 Closing 31 Closing J4 J4 J4 71,800.00 62,200.00 Credit 134,000.00 Account No. 399 Balance Debit Credit 134,000.00 62,200.00 -0-