Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.(a) Journalize the entry required to close the Teresa Schafer, Drawing account.(b) Determinethe amount of Teresa Schafer, Capital at the end of the period.
Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.(a) Journalize the entry required to close the Teresa Schafer, Drawing account.(b) Determinethe amount of Teresa Schafer, Capital at the end of the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.
(a)
(b) Determine
the amount of Teresa Schafer, Capital at the end of the period.
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