The capital, withdrawal and income summary accounts for Christopher Biore Trave Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary Dec. 31 P 850,000 430,000 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency

The capital, withdrawal and income summary accounts for Christopher Biore Trave Agency are shown in T-account form below. The closing entries have been recorded for the year ended Dec. 31, 2021 as reflected through the same amounts in the T-accounts. Biore, Capital P360,000 Jan. 01 280,000 Mar. 09 430,000 Dec. 31 Dec. 31 P420,000 ? Biore, Drawings P420,000 Dec. 31 Mar. 31 P 90,000 70,000 90,000 170,000 June 30 Sept.30 Dec. 31 Income Summary Dec. 31 P 850,000 430,000 P1,280,000 Dec. 31 Dec. 31 Required: Prepare the statement of changes in equity for Christopher Biore Travel Agency

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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Question

100%

The capital, withdrawal and income summary accounts for Christopher Biore Travel
Agency are shown in T-account form below. The closing entries have been
recorded for the year ended Dec. 31, 2021 as reflected through the same amounts
in the T-accounts.
Biore, Capital
P360,000 Jan. 01
280,000 Mar. 09
430,000 Dec. 31
Dec. 31 P420,000
?
Biore, Drawings
P420,000 Dec. 31
Mar. 31 P 90,000
70,000
90,000
170,000
June 30
Sept.30
Dec. 31
Income Summary
P 850,000
430,000
Dec. 31
P1,280,000 Dec. 31
Dec. 31
Required:
Prepare the statement of changes in equity for Christopher Biore Travel Agency

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