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i been working on this problem all day can I get some clarification on how to work this problem out i'm confused!!! Allen Company had

i been working on this problem all day can I get some clarification on how to work this problem out i'm confused!!!

Allen Company had the following adjusted trial balance:

Additional Resources

Account Titles Debit Credit

Cash 28,430

Accounts Receivable 18,680

Supplies 9,110

Equipment 37,600

Accumulated Depreciation 9,500

Accounts Payable 4,610

Deferred Rent Revenue 1,650

Capital 50,096

Drawing 13,700

Commission Revenue 56,096

Rent Revenue 6,400

Depreciation Expense 6,700

Utilities Expense 9,500

Supplies Expense 5,400

Total 129,120 129,120

The president of Allen Company has asked you to close the books (prepare process the closing entries).

Required:

After the closing process has been completed, answer the following questions:

What is the balance in the Capital account?

During the closing process, what amount was transferred from the income summary account to the Capital account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)?

What is the balance in the rent revenue account?

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