Answered step by step
Verified Expert Solution
Question
1 Approved Answer
42) The following normal account balances were found on the general ledger before closing entries were prepared: Revenue $700 Cash $500 Expenses $400 Accounts Receivable
42) The following normal account balances were found on the general ledger before closing
entries were prepared:
Revenue $700 Cash $500
Expenses $400 Accounts Receivable $350
Capital $7,500 Withdrawals $1,000
After closing entries are posted, what is the balance in the Cash account?
A) $800
B) $0
C) $300
D) $500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started