The following is the adjusted trial balance for Tuttle Photography. After the closing entries, what will the final balance in R. Tuttle, Capital be?
A)$25,000
B)$191,200
C)$21,290
D)$166,200

Question

The following is the adjusted trial balance for Tuttle Photography.  After the closing entries, what will the final balance in R. Tuttle, Capital be?
A)$25,000 
B)$191,200 
C)$21,290 
D)$166,200

Quizplus · Accepted Answer

The final balance in R. Tuttle, Capital will be the difference between the total credits and total debits in the adjusted trial balance after the closing entries. In this case, the total credits are $432,180 and the total debits are $265,980, so the final balance in R. Tuttle, Capital will be:
$432,180 - $265,980 = $166,200. The correct answer is D.

The Following Is the Adjusted Trial Balance for Tuttle Photography