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Journalize entry required to close Teresa Schafer account

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Question - Assume that the entry closing total revenues of $255,100 and total expenses of $190,400 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $295,000 and Teresa Schafer, Drawing has a balance of $24,800.

Required -

a. Journalize the entry required to close the Teresa Schafer, Drawing account. If an amount box does not require an entry, leave it blank.

b. Determine the amount of Teresa Schafer, Capital at the end of the period.

Reference no: EM132684136

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