36. After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000. Which of...
36. After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000. Which of the following situations could have occurred? a. The company had a net income. b. The owner invested an additional amount. c. The owner made a withdrawal. d. All of the above.
Homework Answers
After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000,
Since capital increase by 2,000,the company must have had a net income. Capital may also increase due to additional amount invested by the owner, but additional investment was not made by the owner. Hence, increase in capital is possible only due to net income.
Correct option is a.
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36. After closing the revenue, expense, and withdrawal accounts,
the capital increased by $2,000. Which of...
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If you could answer for
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QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
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If you could answer for
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