The owner's Capital,Withdrawals,and Income Summary accounts for Harmon 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)$300 net income.
B)$900 net income.
C)$600 net income.
D)$300 net loss.

Question

The owner's Capital,Withdrawals,and Income Summary accounts for Harmon 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)$300 net income. 
B)$900 net income. 
C)$600 net income. 
D)$300 net loss.

Quizplus · Accepted Answer

The Answer of The owner's Capital,Withdrawals,and Income Summary accounts for Harmon 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)$300 net income. 
B)$900 net income. 
C)$600 net income. 
D)$300 net loss.

The Owner's Capital,Withdrawals,and Income Summary Accounts for Harmon Repair Company