FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The following selected accounts and balances were taken from the adjusted
|
Cash |
Php 167,000 |
|
|
49,200 |
|
Accounts payable |
38,760 |
|
C. Villanueva, Capital |
248,640 |
|
C. Villanueva, Withdrawal |
600,000 |
|
Service revenue |
1,240,000 |
|
Interest income |
10,000 |
|
Administrative expenses |
424,000 |
|
Marketing expenses |
248,000 |
|
Interest expense |
8,000 |
REQUIRED:
- Journalize the closing entries.
- How much is C. Villanueva’s ending capital balance?
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