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

Question:

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.Account Income Summary Date Description Post Ref. Debit 20X1 Dec. 31 Closing 31 Closing 31 Closing J4 J4 J4


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.Account Henry Peterson, Capital Date Description Post Ref. Debit 20X1 Dec. 1 31 Closing 31 Closing J1 J4 J4

Account Henry Peterson, Capital Account No. 301


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 ____________.

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Related Book For  answer-question

College Accounting A Contemporary Approach

ISBN: 9781265647308

6th Edition

Authors: M. David Haddock, John Price, Michael Farina

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