An Adjusted Trial Balance Is Given Below What Will Be the Final Balance in the Smith, Capital

question 53

Multiple Choice

An adjusted trial balance is given below. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 12,600 & \\\hline \text { Accounts Receivable } & 2,400 & \\\hline \text { Prepaid Rent } & 800 & \\\hline \text { Merchandise Inventory } & 28,000 & \\\hline \text { Accounts Payable } & & \$ 4,200 \\\hline \text { Salaries Payable } & & 1,000 \\\hline \text { Notes Payable } & & 800 \\\hline \text { Smith, Capital } & & 13,800 \\\hline \text { Smith, Withdrawals } & 1,000 & \\\hline \text { Sales Revenue } & & 96,000 \\\hline \text { Sales Returns and Allowances } & 1,600 & \\\hline \text { Sales Discounts } & 400 & \\\hline \text { Cost of Goods Sold } & 25,000 & \\\hline \text { Salaries Expense } & 21,000 & \\\hline \text { Rent Expense } & 14,000 & \\\hline \text { Selling Expense } & 8,500 & \\\hline \text { Supplies Expense } & 500 & \\\hline \text { Total } &\$115,800 &\$115,800 \\\hline\end{array}$$ What will be the final balance in the Smith, Capital account after recording the closing entries?

• A) $37,800
• B) $12,700
• C) $24,000
• D) $36,800

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Definitions:

Pretrial Conference

A conference prior to trial in which the judge and the attorneys litigating the suit discuss settlement possibilities, clarify the issues in dispute, and schedule forth-coming trial-related events.

Docket

A list of cases to be heard in court or an official schedule of proceedings in legal contexts.

Interrogatory

A formal set of written questions required to be answered under courtroom procedures, usually for the purpose of discovery before trial.

Motion

A formal request made to a court by a party to take a specific action or decision in a legal case.