Selected account balances from the BCooper company at 12/31/20 are as follows: - Accounts Payable 13,200 -

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Question:

Selected account balances from the BCooper company at 12/31/20 are as follows:

- Accounts Payable 13,200

- Net Income $24,200

- Owner Withdrawls 5,400

- Equipment 32,500

- Owner, Capital Contributions 10,000

- BCooper, Capital 01/02/20 -0-

- Notes Payable 9,700

- Service Revenue 78,200

- Rent Expense 12,578

Required: Using Proper form, make a Statement of Owners Equity at 12/31/20 .

2.Closing Entry

During their first year in business, the XYZ company suffered an operating loss of $15,000 at 12/31/20.

Required: Record the Closing Entry for this item at 12/31/20.