At the End of the Accounting Period,but Before the Closing

question 238

Multiple Choice

At the end of the accounting period,but before the closing entries have been recorded,Doug,the proprietor of Pepper's Cafe,has a debit of $12,250 in his drawing account and a credit of $63,400 in his capital account.If his capital account has a credit balance of $68,950 after the closing,what was his net income?

• A)$5,550
• B)$17,800
• C)$56,700
• D)$6,700

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