All Revenue Accounts (Totalling $600,000), Expense Accounts (Totalling $650,000), and the Income

question 57

Essay

All revenue accounts (totalling $600,000), expense accounts (totalling $650,000), and the Income Summary account have been closed for the year ended December 31, 2014 for Fineberg Productions, an unincorporated business. After closing those accounts, P. Fineberg, Capital has a balance of $115,000, and P. Fineberg, Drawings has a balance of $48,000.
Instructions
a. Journalize the entries required to complete the closing of the accounts.
b. Prepare a statement of owner's equity for the year ended December 31, 2014.

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Definitions:

Transient Ways

Temporary or short-term methods or paths one might take in various contexts.

Psychoanalysis

A therapeutic approach that aims to explore unconscious motivations and conflicts as a means of treating psychological disorders.

Visible Motivations

Are the clearly observable drives or reasons behind one's actions or behaviors.

Humanistic Psychologists

Psychologists who focus on individual potential and stress the importance of growth and self-actualization.