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

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
Date Account Titles and Explanations Debit Credit
31-Dec Owner's capital $21,950
Income summary $21,950
(To close net loss)
WORKING      NOTES:
*Calculations of Net income / loss :
Particulars Amount Amount
Product revenue $75,000
Service revenue $36,000
Total revenue (a) $111,000
Less: Expesnes:
Telephone expense $2,450
Salaries and wages expenses $125,000
Supplies expense $2,500
Depreciation expense $500
Rent expense $2,500
Total expenses (b) $132,950
Net loss (a - b) -$21,950
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