The Capital Account Has an Ending Balance of $17,000 and a Beginning

question 19

Multiple Choice

The capital account has an ending balance of $17,000 and a beginning balance of $12,500. If withdrawals were $13,500, then the income summary account had a balance of ________ before closing.

• A)$18,000 credit
• B)$4,500 credit
• C)$3,500 credit
• D)$18,000 debit

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Definitions:

Chronic Illness

A long-term health condition that requires ongoing management over a period of years or decades.

Physical Dependence

A physiological state in which the body adapts to the presence of a substance, leading to withdrawal symptoms if it is reduced or stopped.

Withdrawal Illness

A condition characterized by a set of symptoms that occur upon the abrupt discontinuation or decrease in intake of medications, recreational drugs, or substances.

Recreational Use

The use of a substance primarily for enjoyment rather than for medical purposes.