The capital, withdrawal and income summary accounts for Anna Delvey Travel Agency are shown in T-account form below. The closing entries have been recorded for the year ended December 31, 2018. Delvey, Capital 420,000 Jan. 1 Dec. 31 360,000 280.000 Dec. 31 430,000 Mar. 9 Mar. 31 June 30 Sept. 30 Dec. 31 Delvey, Withdrawals 90.000 Dec. 31 70,000 90.000 170,000 420,000 Dec. 31 Dec 31 Income Summary 850,000 Dec. 31 1.280,000 430.000 Required Prepare a statement of changes in equity.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The capital, withdrawal and income summary accounts for Anna Delvey Travel Agency are
shown in T-account form below. The closing entries have been recorded for the year ended
December 31, 2018.
Dec. 31
Delvey, Capital
420,000 Jan. 1
360,000
Mar. 9 280,000
Dec. 31 430,000
Delvey, Withdrawals
90.000 Dec. 31
70,000
90,000
Mar. 31
420,000
June 30
Sept. 30
Dec. 31
170,000
Income Summary
850,000
Dec. 31 1,280,000
Dec. 31
Dec. 31
430,000
Required:
Prepare a statement of changes in equity.
Transcribed Image Text:The capital, withdrawal and income summary accounts for Anna Delvey Travel Agency are shown in T-account form below. The closing entries have been recorded for the year ended December 31, 2018. Dec. 31 Delvey, Capital 420,000 Jan. 1 360,000 Mar. 9 280,000 Dec. 31 430,000 Delvey, Withdrawals 90.000 Dec. 31 70,000 90,000 Mar. 31 420,000 June 30 Sept. 30 Dec. 31 170,000 Income Summary 850,000 Dec. 31 1,280,000 Dec. 31 Dec. 31 430,000 Required: Prepare a statement of changes in equity.
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