The Capital, Withdrawals, and Income Summary accounts for Strausss Hair Salon are shown in the T accounts

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The Capital, Withdrawals, and Income Summary accounts for Strauss€™s Hair Salon are shown in the T accounts that follow. The closing entries have been recorded for the year ended December 31, 2014.

Prepare a statement of owner€™s equity for Strauss€™s HairSalon.

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Question Posted: Mar 26, 2014 08:00 AM

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The Capital, Withdrawals, and Income Summary accounts for Strausss Hair Salon are shown in the T accounts

Question:

B. Strauss, Capital Dr Cr 9,000 12/31/13 12/31/14 12/31/14 26,000 19,000 36,000 Bal. Income Summary Dr. Cr. 12/31/14 12/31/14 Bal 43,000 12/31/14 19,000 62,000 B. Strauss, Withdrawals Dr. Cr 3,000 12/31/14 3,000 3,000 9,000 10/1/14 Bal

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