Multiple Choice
The J. Dawson, Capital account has a credit balance of $1,200 before closing entries aremade. If total revenues for the year are $65,200, total expenses $49,800, andwithdrawals are $2,400, what is the ending balance in the J. Dawson, Capital account after all closing entries have been made?
A) $16,600.
B) $14,200.
C) $7,600.
D) $23,200.
E) $5,200.
Correct Answer:
Verified
Correct Answer:
Verified
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Q7: Closing the temporary accounts at the end
Q8: After all closing entries are made and
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Q10: The asset section of a classified balance
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Q52: Identify the steps in the accounting cycle.