Answer to Question #218408 in Accounting for Sheikh Jannatul Fe

Question

Accounts Payable $27,000 Service Revenue $98,000 Rent Expense $22,000 Salaries and Wages Expense $51,000 Owner's Drawings $15,000 Owner's Capital $42,000 Accounts Receivable $ 38,000 and Supplies Expense $7,000. will be the balance of income summary account after the first journal?

Answer 1

Income summary account after the first journal is

27000+98000+22000+51000+15000+42000+38000+7000= 300000