The following normal account balances were found on the general ledger before closing entries were prepared: $$\begin{array} { l r l r }
\text { Revenue } & \$ 700 & \text { Cash } & \$ 500 \
\text { Expenses } & \$ 400 & \text { Accounts Receivable } & \$ 350 \
\text { Capital } & \$ 7,500 & \text { Withdrawals } & \$ 1,000
\end{array}$$
After closing entries are posted, what is the balance in the Capital account?

Question

The following normal account balances were found on the general ledger before closing entries were prepared: $$\begin{array} { l r l r } 
\text { Revenue } & \$ 700 & \text { Cash } & \$ 500 \
\text { Expenses } & \$ 400 & \text { Accounts Receivable } & \$ 350 \
\text { Capital } & \$ 7,500 & \text { Withdrawals } & \$ 1,000
\end{array}$$
After closing entries are posted, what is the balance in the Capital account?

Quizplus · Accepted Answer

The Answer of The following normal account balances were found on the general ledger before closing entries were prepared: $$\begin{array} { l r l r } 
\text { Revenue } & \$ 700 & \text { Cash } & \$ 500 \
\text { Expenses } & \$ 400 & \text { Accounts Receivable } & \$ 350 \
\text { Capital } & \$ 7,500 & \text { Withdrawals } & \$ 1,000
\end{array}$$
After closing entries are posted, what is the balance in the Capital account?

The Following Normal Account Balances Were Found on the General