SOSMOM
Feb 21, 2007, 08:38 PM
More Homework help needed:
Set up T accounts for the Income Summary account and the Owner Capital account Post to these accounts and take their ending balances. One year earlier at January 31, 20X0, the Owner Capital balance was $8470.
These are the accounts I have:
Inventory 5,489
Interest Revenue 37
Accounts Payable 1,993
Cost of goods Sold 27,023
Other Expense 1,597
Owner Withdrawals 255
Selling Expense 6,832
Sales revenue 38,434
Interest Expense 28
Receivables 587
General expenses 671
Income Summary Owner, Capital
Set up T accounts for the Income Summary account and the Owner Capital account Post to these accounts and take their ending balances. One year earlier at January 31, 20X0, the Owner Capital balance was $8470.
These are the accounts I have:
Inventory 5,489
Interest Revenue 37
Accounts Payable 1,993
Cost of goods Sold 27,023
Other Expense 1,597
Owner Withdrawals 255
Selling Expense 6,832
Sales revenue 38,434
Interest Expense 28
Receivables 587
General expenses 671
Income Summary Owner, Capital