The following information is available for the Travis Travel Agency. After these closing entrieswhat will be the balance in the Jay Travis, Capital account?Total revenues..$125,00060,000Total expenses..Jay Travis, Capital..Jay Travis, Withdrawals..80,00015,000The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made.If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are$9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entriesare made?A company's ledger accounts and their end-of-period balances before closing entries are postedare shown below. What amount will be posted to Tricia DeBarre, Capital in the process ofclosing the Income Summary account? (Assume all accounts have normal balances.)Tricia De Barre, Capital.Tricia De Barre, Withdrawals..$7,0009,60029,0003,6007,200Revenue...Rent expense.Salaries expense.Insurance expense.Depreciation Expense-equipment...Accumulated depreciation-equipment..9205001,500Items closed to Income Summarv:

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The following information is available for the Travis Travel Agency. After these closing entries what will be the balance in the Jay Travis, Capital account? Total revenues. Total expenses... Jay Travis, Capital.. Jay Travis, Withdrawals.... $125,000 60,000 80,000 15,000 The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made?

The following information is available for the Travis Travel Agency. After these closing entries what will be the balance in the Jay Travis, Capital account? Total revenues. Total expenses... Jay Travis, Capital.. Jay Travis, Withdrawals.... $125,000 60,000 80,000 15,000 The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made?

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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