Given the following account balances before closing entries, what would be the balance for Smith, Capital on the Post - Closing Trial Balance (assuming the beginning capital balance is zero)? Smith, Withdrawals $27,000 Service Revenue 281,000 Salaries Expense 66,000 Depreciation Expense - Building and Equipment 6,900 Supplies Expense 14,600 Insurance Expense 13,700 Utilities Expense 20,700 A. $121,900 B. $159,100 C. $132,100 D. $186,100
Given the following account balances before closing entries, what would be the balance for Smith, Capital on the Post - Closing Trial Balance (assuming the beginning capital balance is zero)? Smith, Withdrawals $27,000 Service Revenue 281,000 Salaries Expense 66,000 Depreciation Expense - Building and Equipment 6,900 Supplies Expense 14,600 Insurance Expense 13,700 Utilities Expense 20,700 A. $121,900 B. $159,100 C. $132,100 D. $186,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Given the following account balances before closing entries, what would be the balance for Smith, Capital on the Post - Closing Trial Balance (assuming the beginning capital balance is zero)?
Smith, Withdrawals
$27,000
Service Revenue
281,000
Salaries Expense
66,000
Depreciation Expense - Building and Equipment
6,900
Supplies Expense
14,600
Insurance Expense
13,700
Utilities Expense
20,700
A. $121,900
B. $159,100
C. $132,100
D. $186,100
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