Question
The following normal account balances were found on the general ledger before closing entries were prepared: Revenue $950 Cash $1,000 Expenses $500 Accounts Receivable $430
The following normal account balances were found on the general ledger before closing entries were prepared:
| Revenue | $950 | Cash | $1,000 | |
| Expenses | $500 | Accounts Receivable | $430 | |
| Capital | $7,700 | Withdrawals | $1,400 |
After closing entries are posted, what is the balance in the Revenue account?
A.
$0
B.
$450
C.
$950
D.
Closing entries do not affect Revenue.
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Glomont Auditing And Attestation AICPA Released Questions CPA Exam Review 2022
Authors: Glomont, American Institute Of Certified Public Accountants, AICPA
1st Edition
B0BF31GQMC, 979-8353524045
