Answered

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The F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. If total revenues for the period are $92,700, total expenses are $68,300, and withdrawals are $15,750, what is the ending balance in the F. Mercury, Capital account after all closing entries are made?

Sagot :

Zviko

Answer:

$38,000 credit balance

Explanation:

Data and Calculation

Capital Account

Debit :

Drawings                               $15,750

Closing Balance                   $38,000

Credit :

Opening Balance                 $29,750

Profit ($92,700 -  $68,300) $24,000

thus

Capital account after all closing entries are made has credit balance of $38,000.

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