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Grande Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Grande Services Co.
Gail S., Capital $842,500
Gail S., Drawing $45,000
Fees Earned $337,900
Wages Expense $277,500
Rent Expense $54,000
Supplies Expense $14,300
Miscellaneous Expense $16,200
1.) What is the amount of the Income Summary located in the section of Close expenses??
2.) What is the capital for Gail S. in close net income/net loss??
Gail S., Capital $842,500
Gail S., Drawing $45,000
Fees Earned $337,900
Wages Expense $277,500
Rent Expense $54,000
Supplies Expense $14,300
Miscellaneous Expense $16,200
1.) What is the amount of the Income Summary located in the section of Close expenses??
2.) What is the capital for Gail S. in close net income/net loss??
Closing Entries with Net Loss?
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