Assignment
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:
- If necessary, refer to the income statement given in this section.
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