Business, 22.03.2021 18:20, tommyaberman

Closing Entries with Net Income Assume that the entry closing total revenues of $220,800 and total expenses of $164,800 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $255,000 and Teresa Schafer, Drawing has a balance of $21,400. a. Journalize the entry required to close the Teresa Schafer, Drawing account. If an amount box does not require an entry, leave it blank. fill in the blank c2f7c600b00cfdd_2 fill in the blank c2f7c600b00cfdd_3 fill in the blank c2f7c600b00cfdd_5 fill in the blank c2f7c600b00cfdd_6 b. Determine the amount of Teresa Schafer, Capital at the end of the period. $fill in the blank d2ac480ae02300f_1

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Closing Entries with Net Income Assume that the entry closing total revenues of $220,800 and total e...