Question #9 all comes together to form the last question that says Part 2. Can s

Question

Question #9 all comes together to form the last question that says Part 2. Can someone please help explain or show in a t-account what my answers should of been for Part 2. Thank you.

ear. 3,000 4,000 300 10,500 sh 15 2 Accounts Receivable repaid Insurance Equipment ccumulated Depreciation 600 2,500 1,900 8,000 unts Payable nearned Revenue T. Smith, Capital Smith, Withdrawals 800 vice Revenue dvertising Expen ciation 12,000 5,000 1.400 25 Pa 1 - Record the year-end closing entries No partial credit for a journal entry. Please leave a blank line between each journal entry General Journal Description Debit Credit WA 7 Part 2-What will be the balance in the owner's capital account after all the year-end closing journal entries are made? Please show your work and indicate whether debit or credit balance o0 400

Explanation / Answer

JOurnal Entry for Closing the Income summary to CApital Account

Income Summary Dr $ 5600

To T. Smith Capital A/c $ 5600

(Being Net Income Tranferred to CApital Account(12000-6400 =5600)

Part 2:

The Balance in the Owner's Capital Account after all the Year end Closing Journal Entries are made

= 8000+5600 = 13600

(Being NEt Income from Summary Account added up to capital Account)

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