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majestico majestico
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8 years ago
The following normal account balances were found on the general ledger before closing entries were prepared:

Revenue $1,100   Cash $600
Expenses $600   Accounts Receivable $400
Capital $7,500   Withdrawals $1,000

After closing entries are posted, what is the balance in the Capital account?
A) $7,500
B) $7,000
C) $8,000
D) Closing entries do not affect the Capital account.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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OmpaOmpa
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8 years ago
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