Use the following account balances from the adjusted trial balance of Flora Wholesalers: Account Debit Balance Credit Balance Cash $ 4,200 Accounts receivable $ 300 Accounts payable $ 1,100 H. Jones, Capital $ 4,400 H. Jones, Drawing $ 900 Fees revenue $ 13,200 Advertising expense $ 8,100 Travel expense $ 4,200 Shipping expense $ 300 Computer software expense $ 400 What is the balance of the Income Summary account of Flora Wholesalers after the second step of the closing process is completed?
Use the following account balances from the adjusted trial balance of Flora Wholesalers: Account Debit Balance Credit Balance Cash $ 4,200 Accounts receivable $ 300 Accounts payable $ 1,100 H. Jones, Capital $ 4,400 H. Jones, Drawing $ 900 Fees revenue $ 13,200 Advertising expense $ 8,100 Travel expense $ 4,200 Shipping expense $ 300 Computer software expense $ 400 What is the balance of the Income Summary account of Flora Wholesalers after the second step of the closing process is completed?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following account balances from the adjusted
| Account | Debit Balance | Credit Balance |
|---|---|---|
| Cash | $ 4,200 | |
| $ 300 | ||
| Accounts payable | $ 1,100 | |
| H. Jones, Capital | $ 4,400 | |
| H. Jones, Drawing | $ 900 | |
| Fees revenue | $ 13,200 | |
| Advertising expense | $ 8,100 | |
| Travel expense | $ 4,200 | |
| Shipping expense | $ 300 | |
| Computer software expense | $ 400 |
What is the balance of the Income Summary account of Flora Wholesalers after the second step of the closing process is completed?
Multiple Choice
-
$200 debit balance
-
$200 credit balance
-
$13,200 debit balance
-
$13,200 credit balance
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