The owner's Capital account has a pre-closing balance of $36,000, on the 31st December 2020. The owner's Drawings account has a pre-closing balance of $13,600, on the 31st December 2020. The Income Summary account contains a Debit entry of $31,600 and a Credit entry of $66,000. Question: Considering the information above, the post-closing balance of Capital on the 31 December 2020 would therefore be: Select one: a. $34,400 O b. $ 70,400 O c. $22,400 O d. $56,800

The owner's Capital account has a pre-closing balance of $36,000, on the 31st December 2020. The owner's Drawings account has a pre-closing balance of $13,600, on the 31st December 2020. The Income Summary account contains a Debit entry of $31,600 and a Credit entry of $66,000. Question: Considering the information above, the post-closing balance of Capital on the 31 December 2020 would therefore be: Select one: a. $34,400 O b. $ 70,400 O c. $22,400 O d. $56,800

Name: The owner's Capital account has a pre-closing balance of $36,000, on
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Description: The owner's Capital account has a pre-closing balance of $36,000, on the 31st December 2020.The owner's Drawings account has a pre-closing balance of $13,600, on the 31st December 2020.The Income Summary account contains a Debit entry of $31,600 and

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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