The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The amount of net income (or net loss) for the period is
A) $400 net loss.
B) $500 net income.
C) $900 net income.
D) $400 net income.

Question

The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:  The amount of net income (or net loss) for the period is
A) $400 net loss. 
B) $500 net income. 
C) $900 net income. 
D) $400 net income.

Quizplus · Accepted Answer

The Answer of The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:  The amount of net income (or net loss) for the period is
A) $400 net loss. 
B) $500 net income. 
C) $900 net income. 
D) $400 net income.

The Owner's Capital, Withdrawals, and Income Summary Accounts for Laurel