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Question
At June 30, account balances after adjustments for Alpha Cinema are as follows:
Accounts Account Balances
Cash $31,000
Supplies 4,000
Equipment 50,000
Accumulated Depreciation-Equipment 13,000
Accounts Payable 10,000
Owner's, Capital 20,000
Owner's, Drawings 10,000
Sales Revenue 105,000
Service Revenue 53,000
Advertising Expense 25,000
Supplies Expense 19,000
Depreciation Expense 5,000
Rent Expense 25,000
Salaries and Wages Expense 27,000
Utilities Expense 5,000
Instructions
In doing the closing journal entries for Alpha Cinema for the year ended June 30. What would be the:
1.Balance in Income Summary to be transferred to Owner's Capital
2. Balance in Owner's Capital (after the transfer from Income Summary and Drawings)
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