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?

Post the beginning balance and closing entry amounts to the Capital account. Use a "Bal." posting reference to show the beginning and ending balance of the Capital account. Use a "Clos."

posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined into one closing entry for net income $($like you are clos

the Income Summary account$).$

Denton, Capital