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QUESTION 13 Joshua Metal Company Adjusted Trial Balance for the Month Ending December 31, 2019 Account...

QUESTION 13

  1. Joshua Metal Company
    Adjusted Trial Balance
    for the Month Ending December 31, 2019
    Account Title Debit Credit
    100-Cash 3,650
    101-Accounts Receivable 4,500
    102-Supplies 6,800
    103-Prepaid Rent 22,000
    150-Computer (Cost) 85,000
    151-Accumulated Depreciation 2,600
    200-Accounts Payable 5,000
    201-Unearned Revenue 12,600
    202-Salaries & Wages Payable 8,700
    300-Owner's Capital 125,000
    301-Owner's Drawings 10,000
    400-Product Revenue 75,000
    404-Service Revenue 36,000
    500-Telephone Expense 2,450
    601-Salaries & Wages Expense 125,000
    650-Supplies Expense 2,500
    750-Depreciation Expense 500
    790-Rent Expense 2,500
    264,900 264,900
    Please prepare a journal entry to record the Net Income/(Loss)
    Income Summary amount that will be closed out to Owner's Capital
    (302-Income Summary)
Business   Accounting   
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Answer #1

Solution

Joshua Metal Company

Journal entry to record the net income/(loss)

Income Summary amount that would be closed to Owner’s Capital = 21,950

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