Question
May Day operated a proprietorship, Days Gone Bye. On January 01, 2018, the opening capital balance was $ 55,000. Days Gone Bye, in 2018, earned
May Day operated a proprietorship, Days Gone Bye. On January 01, 2018, the opening capital balance was $ 55,000. Days Gone Bye, in 2018, earned $ 70,000 revenue and incurred $ 110,000 expenses. May Day withdrew $ 5,000 from her personal bank account.
What was Days Gone Bye's capital balance at December 31, 2018 after the closing journal entries were recorded and posted?
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Financial Accounting
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
6th Edition
1618533118, 978-1618533111
