User Account

All Pages

Journalize the entry required to close the drawing account

Assignment Help Accounting Basics
Reference no: EM132770852

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: EM132770852

Questions Cloud

Describe the key experiments of scientists : Describe the key experiments of scientists who agreed with spontaneous generation and those that refuted it in favor of Biogenesis?
Chemistry underlying biological processes : You are about to be sent to a remote area by WHO where you will be working with infectious diseases caused by a variety of microorganisms.
Purpose of a broth in a microbiology laboratory : What is the purpose of a broth in a microbiology laboratory?
Coronavirus to spread so quickly across the globe : What are some factors that have allowed the COVID 19 Coronavirus to spread so quickly across the globe?
Journalize the entry required to close the drawing account : Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. Journalize the entry required to close the Drawing account
Determine the motility of the suspected pathogen : What can you do to determine the motility of the suspected pathogen short of the 24-hour motility medium test?
Earned value management : How could you use milestones and/or Earned Value Management as a measure of success in a project?
Ability to oxidize organic chemicals to yield energy : -What is the name for organisms with the ability to oxidize organic chemicals to yield energy? (Answer cannot be anaerobic/aerobic, it needs to be more about th
Explain how the liability should be classified : The terms of which provide for monthly payments of $1,250. Explain how the liability should be classified on the balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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