Question

At the end of the accounting period, but before the closing entries have been recorded, Harry, the proprietor of Harry's Bar and Grill, has a debit of $24,500 in his drawing account and a credit of $126,800 in his capital account. If his capital account has a credit balance of $137,900 after the closing, what was his net income?

A) $11,100

B) $35,600

C) $113,400

D) $13,400

Answer

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