How to close off this capital account with a net loss of -$71850.00, while using the income summary account DrfxDateDetails31/12/2022 Balance c/fCapital StockDateD1,100,550 1/1/20222/1/20222/1/20222/1/20222/1/20221,100,5501/1/2023DetailsBalance b/fCashAccounts ReceivableSuppliesFurniture and EquipmerBalance b/fUn$835,000120,00020,50025,050100,0001,100,5501,100,550

As given above, A Capital accounts's balance is increases when an amount is credited to it and its…

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Business

Accounting

How to close off this capital account with a net loss of -$71850.00, while using the income summary account

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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Solve it with calculation and explanation of the question
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please can you explain the calculation behind this that lead to the conclusion that the loss is £1,500
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