Zhang Insurance started the year with a beginning capital balance of $25,000. During the year the business

Question:

Zhang Insurance started the year with a beginning capital balance of $25,000. During the year the business earned $40,000 of service revenue and incurred $21,000 of expenses. The owner withdrew $8,000 from the business. After the closing entries are recorded and posted, what will be the balance in the Capital account?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

Question Posted: