3. After adjustments at March 31, 2012, the end of the first full year of operations, the revenues were $404,000 and expenses were $292,000, for a net income of $112,000. The drawing accounts have debit balances of $39,000 (Lang) and $34,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank. Mar. 31 Mar. 31 Revenues Expenses ACCOUNT Whitney Lang, Capital Ell Capri, Capital Whitney Lang, Capital Eli Capri, Capital Whitney Lang, Drawing) Eli Capri, Drawing i DEBIT 404,000 0000 39,000 34,000 CREDIT 292,000 39,000 34,000

3. After adjustments at March 31, 2012, the end of the first full year of operations, the revenues were $404,000 and expenses were $292,000, for a net income of $112,000. The drawing accounts have debit balances of $39,000 (Lang) and $34,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank. Mar. 31 Mar. 31 Revenues Expenses ACCOUNT Whitney Lang, Capital Ell Capri, Capital Whitney Lang, Capital Eli Capri, Capital Whitney Lang, Drawing) Eli Capri, Drawing i DEBIT 404,000 0000 39,000 34,000 CREDIT 292,000 39,000 34,000

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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