Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previouspart. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Owner's CapitalNo. 301DateExplanationDebitCreditBalanceJuly 31July 31July 31Income SummaryNo. 350DateExplanationDebitCreditBalanceJuly 31July 31July 31eTextbook and MediaList of Accounts Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows.Oriole CompanyAdjusted Trial BalanceJuly 31, 2022No.Account TitlesDebitCredit101Cash$ 8,200112Accounts Receivable9,400157Equipment16,100158Accumulated Depreciation-Equip.$7,400201Accounts Payable4,500208Unearned Rent Revenue1,500301Owner's Capital44,600306Owner's Drawings15,800400Service Revenue64,700429Rent Revenue6,800711Depreciation Expense9,300726Salaries and Wages Expense55,800732Utilities Expense14,900

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Description: Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previouspart. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Owner's Cap

Owner's Capital Account is the part of Balance Sheet which shows the net balance of transactions related to the capital of the owner.Owner's Capital No. 301 Date Explanation Debit Credit Balance July 31 Balance before adjustments $44600 July 31 Owner's Drawings $15800 $28800 July 31 Net loss $8500 $20300 (Note: Net loss = Service revenue + Rent revenue - Depreciation expense - Salaries and wages expense - Utilities expense = $64700 + $6800 - $9300 - $55800 - $14900 = -$8500)Income Summary Account is used for closing the books at the end of the period. All revenues and expenses are transferred to Income Summary Account and the balance of the Income Summary Account is transferred to the Owner's Capital account.Income Summary No. 350 Date Explanation Debit Credit Balance July 31 Service revenue $64700 $64700 July 31 Rent revenue $6800 $71500 July 31 Depreciation expense $9300 $62200 July 31 Salaries and wages expense $55800 $6400 July 31 Utilities expense $14900 -$8500

Answered: Owner's Capital and Income Summary…

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Owner's Capital and Income Summary accounts. nter negati ve amounts using either a negative

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Post to Owner's Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous
part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Owner's Capital
No. 301
Date
Explanation
Debit
Credit
Balance
July 31
July 31
July 31
Income Summary
No. 350
Date
Explanation
Debit
Credit
Balance
July 31
July 31
July 31
eTextbook and Media
List of Accounts

Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows.
Oriole Company
Adjusted Trial Balance
July 31, 2022
No.
Account Titles
Debit
Credit
101
Cash
$ 8,200
112
Accounts Receivable
9,400
157
Equipment
16,100
158
Accumulated Depreciation-Equip.
$7,400
201
Accounts Payable
4,500
208
Unearned Rent Revenue
1,500
301
Owner's Capital
44,600
306
Owner's Drawings
15,800
400
Service Revenue
64,700
429
Rent Revenue
6,800
711
Depreciation Expense
9,300
726
Salaries and Wages Expense
55,800
732
Utilities Expense
14,900

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