Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow. Income Summary Account Number 399 Balance Date December 31 Description Debit Closing Credit 64,000 Debit Credit 64,000 20X1 December 31 Closing 34,400 29,600 20X1 December 31 Closing 29,600 0 20X1 Henry Peterson, Capital Account Number 301 Balance es Date Description Debit December 1 20X1 Credit 105,000 Debit Credit 105,000 December 31 Closing 29,600 134,600 20X1 December 31 Closing 9,500 125,100 20X1 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is 4. Owner's withdrawals for the period are

The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow. Income Summary Account Number 399 Balance Date December 31 Description Debit Closing Credit 64,000 Debit Credit 64,000 20X1 December 31 Closing 34,400 29,600 20X1 December 31 Closing 29,600 0 20X1 Henry Peterson, Capital Account Number 301 Balance es Date Description Debit December 1 20X1 Credit 105,000 Debit Credit 105,000 December 31 Closing 29,600 134,600 20X1 December 31 Closing 9,500 125,100 20X1 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is 4. Owner's withdrawals for the period are

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

im.2

answer must be in proper format or i will give down vote 

 

The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow. Income Summary Account Number 399 Balance Date December 31 Description Debit Closing Credit 64,000 Debit Credit 64,000 20X1 December 31 Closing 34,400 29,600 20X1 December 31 Closing 29,600 0 20X1 Henry Peterson, Capital Account Number 301 Balance es Date Description Debit December 1 20X1 Credit 105,000 Debit Credit 105,000 December 31 Closing 29,600 134,600 20X1 December 31 Closing 9,500 125,100 20X1 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is 4. Owner's withdrawals for the period are
Transcribed Image Text:The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow. Income Summary Account Number 399 Balance Date December 31 Description Debit Closing Credit 64,000 Debit Credit 64,000 20X1 December 31 Closing 34,400 29,600 20X1 December 31 Closing 29,600 0 20X1 Henry Peterson, Capital Account Number 301 Balance es Date Description Debit December 1 20X1 Credit 105,000 Debit Credit 105,000 December 31 Closing 29,600 134,600 20X1 December 31 Closing 9,500 125,100 20X1 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is 4. Owner's withdrawals for the period are
Expert Solution
steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS