Having trouble calculating the owners capital OKABE COMPANY Adjusted Trial Balan

Question

Having trouble calculating the owners capital

OKABE COMPANY Adjusted Trial Balance July 31, 2017 No. 101 112 157 158 201 208 301 306 400 429 711 726 732 Account Titles Debit Credit $10,800 9,200 16,000 Cash Accounts Receivable Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense $7,800 4,500 1,800 45,000 15,700 63,800 6,600 7,000 56,000 14,800 $129,500 $129,500

Explanation / Answer

Closing entry :

Calculate owner's capital :

Date accounts & explanation debit credit Service revenue 63800 Rent revenue 6600 Income summary 70400 (To close revenue account) Income summary 77800 Depreciation expense 7000 Salaries and wages expense 56000 Utilities expense 14800 (To close expense account) Owner's capital 7400 Income summary 7400 (To close income summary account) Owner's capital 15700   Owner's drawings 15700 (To close owner's drawings account)

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