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

Name: Post to Owner's Capital and Income Summary accounts. (Post entries in
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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…

Business

Accounting

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

See similar textbooks

Similar questions

How is the Income Summary account used? Is it a temporary or permanent account?
Why do gains and losses go below "operating income" on the income statement?
The information on the statement of changes in owners equity is used in preparing the income statement. True or false?
List and discuss four major indirect methods of determining unreported income.
What formula did you use to get the Depreciation, EBT, Taxes, and Net Income?
Unearned income is credited to the Profit and loss account. Do you agree with the statement?
Please answer clearly and thoroughly1) On the RE Statement it shows the Net Income, if there is a loss will it show Net Loss?2) How do you configure the Net Income or Net Loss amount?
What items are included in Accumulated Other Comprehensive Income (Loss)?
The net worth method is a calculation based on a person’s: a. Assets, liabilities, income, and living expenses. b. Assets, liabilities, equity, and living expenses. c. Assets, liabilities, equity, and income. d. Assets, income, and living expenses Clear my choice
w.com/takeAssignment/takeAssignmentMain.do?invoker= &takeAssign On the balance sheet, liabilities are generally classified as O legal or nonlegal. O probable or estimated. current or long-term. material or immaterial.
Specific financial statements (e.g. Income Statement, Balance sheet, etc, state all) that are impacted and how they are affected (sections e.g Current assets, gross profit) of the statement that increase or decrease), by the shenanigan
What information are you given when you divide your current assets by your current liabilities?