proprietorship ,partnership and limited liabilty companies, Accounting Basics

Assignment Help:

After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balance of $90,000, and the drawing accounts have debit balances of $28,000 (Keene) and $30,400 (McKee). Journalize the entries to close the income summary account and the drawing accounts at February 28, 2015. For a compound transaction, if an amount box does not require an entry, leave it blank.

Related Discussions:- proprietorship ,partnership and limited liabilty companies

Accounting job, i want to do accounts assignment

i want to do accounts assignment

Explain about the management accounting, Explain about the Management accou...

Explain about the Management accounting Management accounting has also changed by becoming more outward looking in its focus. In past, information provided to managers has bee

Could the choice of recording a capital asset impairment, Could the choice ...

Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.

Debits and Credits, When does something that is a debit becomes a credit?

When does something that is a debit becomes a credit?

Eco-02, define accounting.Briefly explain the accounting concepts which gui...

define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.

#princess, what are the implications of applying accounting concepts wrongl...

what are the implications of applying accounting concepts wrongly

Weighted-average under periodic inventory procedure, Weighted-average under...

Weighted-average under periodic inventory procedure the weighted-average method of inventory costing is a income of costing ending inventory using a weighted-average unit cost. Com

A department transferred 7, A department transferred 7,000 units to the fin...

A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the

What is long-term liabilities, Q. What is Long-term liabilities? Long-t...

Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur

Asset, exploration costs for mining companies are assts

exploration costs for mining companies are assts

Write Your Message!

Name

Email id

Message

Verfication Code

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages