Question
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
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 | 2,000 | |
Prepaid Rent | 700 | |
Merchandise Inventory | 27,000 | |
Accounts Payable | $4,000 | |
Salaries Payable | 500 | |
Notes Payable | 700 | |
Lorenzo, Capital | 10,000 | |
Lorenzo, Withdrawals | 2,500 | |
Sales Revenue | 91,600 | |
Cost of Goods Sold | 20,000 | |
Salaries Expense | 20,000 | |
Rent Expense | 12,000 | |
Selling Expense | 8,100 | |
Supplies Expense | 500 | |
Total | $106,800 | $106,800 |
What will be the final balance in the company's Lorenzo, Capital account after recording the closing
entries?
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