The adjusted balances for Windsor Co. are listed below. Cash, $10,000 Accounts Receivable, $1,250 Prepaid Insurance,...
The adjusted balances for Windsor Co. are listed below.
Cash, $10,000
Accounts Receivable, $1,250
Prepaid Insurance, $1,750
Equipment, $7,500
Accumulated Depreciation, $1,000
Accounts Payable, $2,000
T. Windsor, Capital, $15,000
J. Windsor, Drawing, $5,000
Income from Services, $17,500
Wages Expense, $6,000
Rent Expense, $4,000
After recording the closing entries, what would be the balance of
the capital account?
Select one:
a. $35,000
b. $12,500
c. $17,500
d. $10,000
Homework Answers
Ans is C $17500
Working:-
| Income from services | 17500 |
| Less | |
| Wage expenses | -6000 |
| Rent expenses | -4000 |
| Drawing | -5000 |
| Add | |
| Opening capital | 15000 |
| Closing capital | 17500 |
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The adjusted balances for Windsor Co. are listed below.
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