An adjusted trial balance for a sole proprietorship is given below. There were no new capital contributions during the year. Debit Credit Cash $14,000 Accounts Receivable 5000 Prepaid Rent 800 Merchandise Inventory 26,000 Accounts Payable $4200 Salaries Payable 1500 Notes Payable 600 Lorenzo, Capital 8000 Lorenzo, Withdrawals 1000 Sales Revenue 98,500 Cost of Goods Sold 23,000 Salaries Expense 19,000 Rent Expense 15,000 Selling Expense 8400 Supplies Expense 600 Total $112,800 $112,800 What will be the final balance in the company's Lorenzo, Capital account after recording the closing entries? O $7000 $39.500 $40,500 $31.000