At December 31, Rolison Consulting’s financial records show the following selected account information. Service revenue..................... $90,000 Rent expense......................... $25,000 Salaries expense.................... $54,000 Supplies expense..................... $3,000 Depreciation expense............... $6,000 Retained earnings.................. $52,000   (credit balance) Contributed Capital................. $10,000   (credit balance) After all closing entries are recorded and posted, what is the balance of the contributed capital account?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At December 31, Rolison Consulting’s financial records show the following selected account information.

Service revenue..................... $90,000
Rent expense......................... $25,000
Salaries expense.................... $54,000
Supplies expense..................... $3,000
Depreciation expense............... $6,000
Retained earnings.................. $52,000   (credit balance)
Contributed Capital................. $10,000   (credit balance)

After all closing entries are recorded and posted, what is the balance of the contributed capital account?

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