Analyze: Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000? Complete this question by entering your answer in the tabs below. Required 1 Required 2 Analyze Prepare general journal entries to close the Income Summary account and the partners' drawing accounts. View transaction list View journal entry worksheet No Date General Journal 3 December 31, 20X1 2 December 31, 20X1 December 31, 20X1 Income summary Rosa Escobedo, Capital Rosie Wilsman, Capital Rosie Wilsman, Capital Rosie Wilsman, Drawing Rosa Escobedo, Capital Rosa Escobedo, Drawing Required 2 > Debit Credit 141,000 56,400 84,600 43,200 43,200 56,400 43,200 43,200
Analyze: Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000? Complete this question by entering your answer in the tabs below. Required 1 Required 2 Analyze Prepare general journal entries to close the Income Summary account and the partners' drawing accounts. View transaction list View journal entry worksheet No Date General Journal 3 December 31, 20X1 2 December 31, 20X1 December 31, 20X1 Income summary Rosa Escobedo, Capital Rosie Wilsman, Capital Rosie Wilsman, Capital Rosie Wilsman, Drawing Rosa Escobedo, Capital Rosa Escobedo, Drawing Required 2 > Debit Credit 141,000 56,400 84,600 43,200 43,200 56,400 43,200 43,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Analyze:
Assume the business earned net income of $141,000. If 20X1 was the first year of operation, what balance should be reflected for the
Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $101,000?
Complete this question by entering your answer in the tabs below.
Required 1 Required 2
Analyze
Prepare general journal entries to close the Income Summary account and the partners' drawing accounts.
View transaction list
View journal entry worksheet
No
Date
General Journal
3
December 31,
20X1
2
December 31,
20X1
December 31,
20X1
Income summary
Rosa Escobedo, Capital
Rosie Wilsman, Capital
Rosie Wilsman, Capital
Rosie Wilsman, Drawing
Rosa Escobedo, Capital
Rosa Escobedo, Drawing
Required 2 >
Debit
Credit
141,000
56,400
84,600
43,200
43,200
56,400
43,200
43,200
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