Phoebe Company ended its fiscal year on June 30, 2022. Its Trial Balance is presented here....

  

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Phoebe Company ended its fiscal year on June 30, 2022. Its Trial Balance is presented here. Phoebe Company Adjusted Trial Balance For the Month Ended June 30, 2022 Cash Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Unearned Rent Owner's Capital Owner's Drawing Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit 8,900 9,400 16,000 16,100 8,700 56,500 15,100 $ 130,700 Credit 7,300 4,800 2,300 46,600 63,700 6,000 $ 130,700 1. Prepare closing entries at June 30, 2022. 2. What is the amount of net income? 3. Compute the balance in the Owner's Capital account Phoebe Company ended its fiscal year on June 30, 2022. Its Trial Balance is presented here. Phoebe Company Adjusted Trial Balance For the Month Ended June 30, 2022 Cash Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Unearned Rent Owner's Capital Owner's Drawing Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit 8,900 9,400 16,000 16,100 8,700 56,500 15,100 $ 130,700 Credit 7,300 4,800 2,300 46,600 63,700 6,000 $ 130,700 1. Prepare closing entries at June 30, 2022. 2. What is the amount of net income? 3. Compute the balance in the Owner's Capital account

Answer rating: 100% (QA)

1 Closing entries at June 30 2022 Income Summary Debit Service Revenue 63700 De... View the full answer