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ACCOUNT: Income Summary ACCOUNT NO. 399 Balance Description Debit Credit Debit Credit 48,500 17,400 Date Closing Closing Closing Dec. 31 48,500 31 31,100 17,400 31 ACCOUNT: Karen Randall, Capital ACCOUNT NO. 301 Balance Credit Debit Credit Date Description Debit Dec. Closing Closing 154,000 171,400 164,600 31 17,400 31 6,800 A. What is the total revenue for the period? B. What is the total expenses for the period? C. What is the net income (loss) for the period? D. What is the owner's withdrawals for the period? A. Total revenue B. Total expenses c. Net income D. Owner's withdrawals

ACCOUNT: Income Summary ACCOUNT NO. 399 Balance Description Debit Credit Debit Credit 48,500 17,400 Date Closing Closing Closing Dec. 31 48,500 31 31,100 17,400 31 ACCOUNT: Karen Randall, Capital ACCOUNT NO. 301 Balance Credit Debit Credit Date Description Debit Dec. Closing Closing 154,000 171,400 164,600 31 17,400 31 6,800 A. What is the total revenue for the period? B. What is the total expenses for the period? C. What is the net income (loss) for the period? D. What is the owner's withdrawals for the period? A. Total revenue B. Total expenses c. Net income D. Owner's withdrawals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ACCOUNT: Income Summary ACCOUNT NO. 399 Balance Description Closing Closing Closing Date Debit Credit Debit Credit Dec. 31 48,500 48,500 17,400 31 31,100 17,400 31 ACCOUNT: Karen Randall, Capital ACCOUNT NO. 301 Balance Date Description Debit Credit Debit Credit 154,000 171,400 164,600 Dec. 1 Closing Closing 31 17,400 31 6,800 A. What is the total revenue for the period? B. What is the total expenses for the period? C. What is the net income (loss) for the period? D. What is the owner's withdrawals for the period? A. Total revenue B. Total expenses c. Net income D. Owner's withdrawals
Transcribed Image Text:ACCOUNT: Income Summary ACCOUNT NO. 399 Balance Description Closing Closing Closing Date Debit Credit Debit Credit Dec. 31 48,500 48,500 17,400 31 31,100 17,400 31 ACCOUNT: Karen Randall, Capital ACCOUNT NO. 301 Balance Date Description Debit Credit Debit Credit 154,000 171,400 164,600 Dec. 1 Closing Closing 31 17,400 31 6,800 A. What is the total revenue for the period? B. What is the total expenses for the period? C. What is the net income (loss) for the period? D. What is the owner's withdrawals for the period? A. Total revenue B. Total expenses c. Net income D. Owner's withdrawals
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