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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The capital, withdrawal and income summary accounts for Christopher Biore Travel
Agency are shown in T-account form below. The closing entries have been
recorded for the year ended Dec. 31, 2021 as reflected through the same amounts
in the T-accounts.
Biore, Capital
P360,000 Jan. 01
280,000 Mar. 09
430,000 Dec. 31
Dec. 31 P420,000
?
Biore, Drawings
P420,000 Dec. 31
Mar. 31 P 90,000
70,000
90,000
170,000
June 30
Sept.30
Dec. 31
Income Summary
P 850,000
430,000
Dec. 31
P1,280,000 Dec. 31
Dec. 31
Required:
Prepare the statement of changes in equity for Christopher Biore Travel Agency
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