Sections:

Preparing Closing Entries, Page 9

Assignment iconAssignment

Complete the following assignment and submit it to the Preparing Closing Entries Dropbox.
This assignment is 8 points.

Calculate the net income or net loss for the period shown below. Then show how the Owner’s Equity changes from the following general ledger account balances. Solve this problem using an electronic spreadsheet.

White’s Capital $2,500
White’s Withdrawals $500
Fees Revenue  $900
Advertising Expenses $100
Miscellaneous Expenses $200
Rent Expenses $150
Utilities Expenses  $15


Guidelines: 

  1. If necessary, refer to the income statement given in this section.  

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