Refer to the Following Adjusted Trial Balance What Will Be the Final Ending Balance in the Owner's

question 34

Multiple Choice

Refer to the following adjusted trial balance. $\begin{array}{|l|l|l|}\hline \text { Accounts } & {\text { Debit }}&\text { Credit } \\\hline \text { Cash } & \$ 1900 \\\hline \text { Accounts receivable } & 3500 \\\hline \text { Office supplies } & 100 \\\hline \text { Equipment } & 20,500\\\hline \text { Accumulated depreciation -equipment } & \$ 3000 \\\hline \text { Accounts payable } & 1700 \\\hline \text { Salaries payable } & 350 \\\hline \text { Unearned revenue } & 550 \\\hline \text { Owner's name, capital } & 3200 \\\hline \text { Owner's name, drawings } & 3000 & \\\hline \text { Service revenue } & & 51,700 \\\hline \text { Salaries expense } & 23,000 \\\hline \text { Supplies expense } & 2200 \\\hline \text { Depreciation expense - equipment } & 1800 \\\hline \text { Total } & \$ 1,000 & \$ 1,000\\\hline\end{array}$ What will be the final ending balance in the Owner's name,capital account after posting the closing entries?

• A)$24,700
• B)$27,900
• C)$24,900
• D)$27,700

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Definitions:

Property Owner

The individual or entity that holds legal title to or ownership of a property, including real estate or personal property.

Project

An individual or collaborative enterprise, often involving research or design, that is carefully planned to achieve a specific aim.

Conditional Sale

A transaction where the sale of an asset or property is contingent upon certain conditions being met, often related to financing or inspection.

Hire-Purchase

A contractual agreement where an asset is leased for a period, with the option to purchase at the end of the lease term.