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What is the balance in owner capital on the april

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Reference no: EM132487970

Point 1: At April 1, 2016, Spiderland Company reported a balance of $20,000 in the Owner's Capital account. Spiderland Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2016. The company had owner drawings of $10,000 during the month.

Question (a) Prepare the entries to close Income Summary and the Owner's Drawings acccount at April 30, 2016.

Question (b) What is the balance in Owner's Capital on the April 30, 2016 post-closing trial balance?

Reference no: EM132487970

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