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1)Durring the clsoding process, what will be the balance in income summary just

ID: 2537690 • Letter: 1

Question

1)Durring the clsoding process, what will be the balance in income summary just before it is closeed to owner’s equity? 2) What will be the balance in Rsso, Capital after all closing entries are made? The following information in summary form is taken from the records of Russo Co before closing Total Revenues Total Expenses Russo, Drawings Russo, Capital $123,000 62,000 20,000 100,000 There were no investments by the owner during the period. Based on this information, answer the following question:

Explanation / Answer

1 Balance in income summary = 123000-62000 = $61000 2 balance in Russo, Capital = 100000+61000-20000 = $141000

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