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 Repair Company