Author Question: The adjusted balances for Tomas Co are listed below. Cash, 20,000 Accounts Receivable, 2,500 Prepaid ... (Read 312 times)

Sufayan.ah · **on:** Jul 6, 2018

The adjusted balances for Tomas Co are listed below. Cash, 20,000 Accounts Receivable, 2,500 Prepaid Insurance, 3,500 Equipment, 15,000 Accumulated Depreciation, 2,000 Accounts Payable, 4,000 J. Tomas, Capital, 30,000 J. Tomas, Drawing, 10,000 Income from Services, 35,000 Wages Expense, 12,000 Rent Expense, 8,000 After recording the closing entries, what would be the balance of the capital account?
a. 30,000
b. 45,000
c. 35,000
d. 5,000

Question 2

Indirect methods of proof are founded on logic, common sense, critical thinking, and deductive reasoning.

Indicate whether the statement is true or false