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Determine the amount of Teresa Schafer Capital

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Reference no: EM132691503

Problem - Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000.

Required -

(a) Journalize the entry required to close the Teresa Schafer, Drawing account.

(b) Determine the amount of Teresa Schafer, Capital at the end of the period.

Reference no: EM132691503

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