Multiple Choice
The adjusted balances for Windsor Co. are listed below.
Cash, $10,000
Accounts Receivable, $1,250
Prepaid Insurance, $1,750
Equipment, $7,500
Accumulated Depreciation, $1,000
Accounts Payable, $2,000
T. Windsor, Capital, $15,000
J. Windsor, Drawing, $5,000
Income from Services, $17,500
Wages Expense, $6,000
Rent Expense, $4,000
After recording the closing entries, what would be the balance of the capital account?
A) $35,000
B) $12,500
C) $17,500
D) $10,000
Correct Answer:
Verified
Correct Answer:
Verified
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