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The Controller for Tires and More,Inc

Question 67

Multiple Choice

The controller for Tires and More,Inc.has recorded the following transactions during the month: the owner established the business with a $20,000 investment on the 1st of the month;the company recorded $36,000 of revenue for tires and services provided during the month;and expenses of $22,000 were recorded for the month.What is the balance ofOwner's Equity at the end of the month,and is the balance a debit or a credit?


A) $34,000 debit.
B) $34,000 credit.
C) $20,000 credit.
D) $6,000 debit.

Correct Answer:

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