proprietorship ,partnership and limited liabilty companies, Accounting Basics

Assignment Help:
After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balance of $90,000, and the drawing accounts have debit balances of $28,000 (Keene) and $30,400 (McKee). Journalize the entries to close the income summary account and the drawing accounts at February 28, 2015. For a compound transaction, if an amount box does not require an entry, leave it blank.

Related Discussions:- proprietorship ,partnership and limited liabilty companies

How is a po (purchase order created), A document or shape used by a custome...

A document or shape used by a customer to issue an order for goods or services. I need notes on 1.Procure to pay cycle with accounting entries 2.give to cash

Ledger, Need to get my Balance Sheet solved

Need to get my Balance Sheet solved

What is meaning of financial statements, Financial statements Summaries...

Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per

An estimated liability, An estimated liability: 1. Is an unknown liabil...

An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil

Calculate time value of money, Mr. Horace, aged 25, has $25,000 cash to inv...

Mr. Horace, aged 25, has $25,000 cash to invest for his retirement. In addition, he plans to save and invest $8,000 per year (at the end of every year) for the next 40 years, at wh

The amount on hand drops, A company uses 85 circuit boards a day in a manuf...

A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are

State the term- debits must always equal credits, State the term- Debits mu...

State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one

Explain user account control in windows vista, User account control is mean...

User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan

What is owner equity, What is OWNER'S EQUITY Difference between Liabili...

What is OWNER'S EQUITY Difference between Liabilities and Assets is Owner's Equity. The can also be known as capital, proprietorship, or net worth.

Explain about the recording purchases, Explain about the RECORDING PURCHASE...

Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd