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Author Question: The following normal account balances were found on the general ledger before closing entries were ... (Read 94 times)

LCritchfi

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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 Cash account?
◦ $300
◦ $0
◦ $800
◦ Closing entries do not affect the Cash account.


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Marked as best answer by LCritchfi on Nov 10, 2019

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LCritchfi

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Reply 2 on: Nov 10, 2019
Excellent


chjcharjto14

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Reply 3 on: Yesterday
Wow, this really help

 

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