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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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