Denton Insurance Agency started the year with a beginning Denton, Capital balance of ($25,000.) During the year,

Question:

Denton Insurance Agency started the year with a beginning Denton, Capital balance of \($25,000.\) During the year, Denton Insurance Agency earned \($40,000\) of Service Revenue and incurred \($21,000\) of various expenses. Denton withdrew \($8,000\) from the business. Assume there were no owner contributions made during the year. After the closing entries are recorded and posted, what will be the balance of Denton, Capital?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Horngrens Accounting The Financial Chapters

ISBN: 9780137884858

14th Edition

Authors: Brenda Mattison, Tracie Miller-Nobles

Question Posted: