The Following Normal Account Balances Were Found on the General

question 20

Multiple Choice

The following normal account balances were found on the general ledger before closing entries were prepared: $$\begin{array} { | l | l | } \hline \text { Revenue } \$ 800 & \text { Cash } \$ 500 \\\hline \text { Expenses } \$ 400 & \text { Accounts Receivable } \$ 350 \\\hline \text { Capital } \$ 7,500 & \text { Withdrawals } \$ 1,000 \\\hline\end{array}$$ After closing entries are posted,what is the balance in the Revenue account?

• A)$800
• B)$0
• C)$300
• D)Closing entries do not affect Revenue.

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Definitions:

Reflective

Characterized by deep thought or careful consideration.

Informal Reasoning

The process of making decisions and solving problems based on the practical aspects of specific situations rather than abstract principles.

Algorithms

A set of rules or a step-by-step process designed to perform a specific task or solve a particular problem.

Nonconscious Responding

Psychological processes that occur without conscious awareness, influencing perceptions, thoughts, and actions in ways not accessible to introspection.