All evenue and expense accounts have been closed at the end of the calendar year for Patton co. The

| June 8, 2016

Question
I really need these by 1:30 PLEASE!!

1. All evenue and expense accounts have been closed at the end of the calendar year for Patton co. The income summary account has total debits of $530,000 and total credits of $600,000. As of the same date, owners capital has a balance of $115,000 and owners drawings have a balance of 48,000.

Instructions:

1. Joiurnalize the entries required to complete the closing of the accounts.

2.prepare an owner’s equity statement for the year ended December 31, 2014.

2. Prepare the necessary journal entries to record the following transactins, assuming Dakin Co uses a perpetual inventory system.

a. Purchased $35,000 in merchandise on account terms, 2/10 n/30.

b.returned $700 of damaged merchandise for credit.

c. paid for the merchandise purchased within 10 days.

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