Multiple Choice
The beginning capital balance is $1,000; there are no additional investments or withdrawals by the owner during the accounting period. The period's revenue is $500 and expenses total $450. What is the ending capital balance (after closing entries) ?
A) $1,050
B) $1,500
C) $1,450
D) $50
Correct Answer:
Verified
Correct Answer:
Verified
Q16: Closing entries will update the Capital account
Q27: The entry to close the revenue account(s)
Q49: All permanent accounts can be found:<br>A) on
Q92: Which of the following accounts is NOT
Q94: The entry to close the Fees Earned
Q96: Why are certain accounts called temporary accounts?
Q98: The following normal account balances were
Q99: When the Withdrawals account is closed,<br>A) Owner's
Q101: When Income Summary has a credit balance
Q102: After closing the revenue, expense, and withdrawal