At April 1, 2010, Gardner Company reported a balance of $22,000 in the Gardner, Capital account. Gardner Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2010. The company had owner drawings of $10,000 during the month.
(a) Prepare the entries to close Income Summary and the Gardner, Drawing acccount at April 30, 2010.
(b) What is the balance in Gardner, Capital on the April 30, 2010 post-closing trial balance?

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The Answer of At April 1, 2010, Gardner Company reported a balance of $22,000 in the Gardner, Capital account. Gardner Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2010. The company had owner drawings of $10,000 during the month.
(a) Prepare the entries to close Income Summary and the Gardner, Drawing acccount at April 30, 2010.
(b) What is the balance in Gardner, Capital on the April 30, 2010 post-closing trial balance?

At April 1, 2010, Gardner Company Reported a Balance of $22,000