The Following Normal Account Balances Were Found on the General

question 10

Multiple Choice

The following normal account balances were found on the general ledger before closing entries were prepared:
$$\begin{array} { | l | l | } \hline \text { Revenue } \$ 1,100 & \text { Cash } \$ 600 \\\hline \text { Expenses } \$ 600 & \text { Accounts Receivable } \$ 400 \\\hline \text { Capital } \$ 7,500 & \text { Withdrawals } \$ 1,000 \\\hline\end{array}$$
After closing entries are posted,what is the balance in the Capital account?

• A)$8,000
• B)$7,500
• C)$7,000
• D)Closing entries do not affect the Capital account.

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Definitions:

Evaluating Progress

The assessment of how well an individual, group, or project is moving towards its objectives or goals.

Maintaining Balances

The act of keeping various aspects of life or work in equilibrium, such as work-life balance, financial stability, or emotional well-being.

Raising Bar

The act of increasing standards or expectations in order to achieve higher performance or quality.

Competence Stage

A phase in skill acquisition where individuals gain more confidence and ability to perform a task efficiently, but may still require occasional guidance.