The following normal account balances were found on the general ledger before closing entries were prepared. After closing entries are posted, what is the balance in the Capital account. A) $6, 800 B)$7, 800 C) $7500 D) Closing entries do not affect the Capital account. What type of an account is the petty cash fund? A) Revenue B) Asset C) Expense D) Liability The May bank statement for Accounting Services shows a balance of $6, 300, but the balance per books shows a cash balance of $7, 980. Other information includes: A check for $200 to pay the electric bill was recorded the books as $20. Included on the bank statement was a note collected by the bank for $300 plus interest of $30 Checks outstanding totaled $360. Bank service charges were $50. Deposits in transit were $2.140. Which item(s) should be subtracted from the balance per books? A) Bank service charge B) Bank service charge and the note collected by the bank C) Checks outstanding and bank service charge D) None of the above are correct. The change fund is what type of account? A) asset B) expense C) liability D) revenue When the bank pays a check written by the company, it would A) debit the customer's bank account. B) no increase or decrease is made to the company's bank account. C) debit the cash account on the company's books. D) credit the customer's bank account. To examine in detail the weekly payroll of all employees, one would look at the: A) W-2. B) W-4. C) employee earnings record. D) payroll register. The payroll register: A) is a worksheet. B) shows all employee information related to an entire pay period. C) keeps track of an individual employee's payroll history for a calendar year. D) Both A and B are correct