question archive Argosy Company began the current period with a $14,000 credit balance in the D
Argosy Company began the current period with a $14,000 credit balance in the D
Subject:AccountingPrice: Bought3
Argosy Company began the current period with a $14,000 credit balance in the D. Argosy, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances.
|
Service fees earned |
$35,000 |
Interest revenue |
$3,500 |
|
Salaries expense |
19,000 |
D. Argosy, Withdrawals |
6,000 |
|
Depreciation expense |
4,000 |
Utilities expense |
2,300 |
After closing the revenue and expense accounts, what will be the balance of the Income Summary account? After all closing entries are journalized and posted, what will be the balance of the D. Argosy, Capital account?
