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Q1. The Statement of Owners Equity Selected account balances from the BCooper company at 12/31/20 are as follows:

- Accounts Payable 13,200

- Net Income $24,200

- Owner Withdrawls 5,400

- Equipment 32,500

- Owner, Capital Contributions 10,000

- BCooper, Capital 01/02/20 -0-

- Notes Payable 9,700

- Service Revenue 78,200

- Rent Expense 12,578

Required - Using Proper form, make a Statement of Owners Equity at 12/31/20.

Q2. Closing Entry - During their first year in business, the XYZ company suffered an operating loss of $15,000 at 12/31/20.

Required - Record the Closing Entry for this item at 12/31/20.

Reference no: EM132905834

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