The following normal account balances were found on the general ledger before closing entries were prepared:
Expenses | $400 | Accounts Receivable | $350 |
Capital | $7,500 | Withdrawals | $1,000 |
After closing entries are posted, what is the balance in the Revenue account?
◦ $300
◦ $0
◦ $700
◦ Closing entries do not affect Revenue.