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Author Question: The following normal account balances were found on the general ledger before closing entries were ... (Read 80 times)

altibaby

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

Revenue$700Cash$500
Expenses$400Accounts Receivable$350
Capital$7,500Withdrawals$1,000

After closing entries are posted, what is the balance in the Capital account?
◦ $7,800
◦ $6,800
◦ $7,500
◦ Closing entries do not affect the Capital account.


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Marked as best answer by altibaby on Nov 10, 2019

bdobbins

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altibaby

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Reply 2 on: Nov 10, 2019
YES! Correct, THANKS for helping me on my review


scottmt

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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