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The F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. If total revenues for the period are $92,700, total expenses are $68,300, and withdrawals are $15,750, what
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The F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. If total revenues for the period are $92,700, total expenses are $68,300, and withdrawals are $15,750, what is the ending balance in the F. Mercury, Capital account after all closing entries are made?

User Uutecht
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1 Answer

2 votes

Answer:

$38,000 credit balance

Step-by-step explanation:

Data and Calculation

Capital Account

Debit :

Drawings $15,750

Closing Balance $38,000

Credit :

Opening Balance $29,750

Profit ($92,700 - $68,300) $24,000

thus

Capital account after all closing entries are made has credit balance of $38,000.

User Mitch Mitchell
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