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sukh1. Below are excerpts from the work sheets of two businesses as at Mardi...

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Accounting

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sukh1.

Below are excerpts from the work sheets of two businesses as at Mardi 31, 201\%. Those rows that calculate totals are at the bottom of the last two sets of columns. "The adjusted balances in withdrawals and capital were $17,800 and $71,000, respectively. Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2017. 2. Prepare the entry to close the Income Summary account to capital. (If no erizry is required for a transaction/event, select "No Journal entry worksheet Record to close the income summary account to capital. Note: Enter debits before credits. 3. Calculate the post-closing balance in capital at March 31, 2017

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