Homework Answers
Ans : 1 :
Opening Capital Balance as on Jan 1, 20 = $ 130,000
Less : Drawings = $ (20,000)
Less : Net Loss = $ (30,000)
Closing Capital Balance as on Dec 31, 20 = $ 80,000
Ans : 2 :
For Denton Company,
Closing balances of Ledger A/cs to be recorded on credit side of Trial Balance :
Accounts Payable = $ 2,800
Notes Payable = $ 4,200
Denton, Capital = $ 1,400
Revenues = $ 21,000
Total = $ 29,400
Ans : Total of Credit Side = $ 29,400
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