Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 3.00

Faye Barnes

EX 4-16 Closing entries with net income

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $315,000 and a credit of $449,500. At the same date, Faye Barnes, Capital has a credit balance of $750,000, and Faye Barnes, Drawing has a balance of $40,000. (a) Journalize the entries required to complete the closing of the accounts. (b) Determine the amount of Faye Barnes, Capital at the end of the period.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 09:10 PM My Price 3.00

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