The Following Normal Account Balances Were Found on the General

question 76

Multiple Choice

The following normal account balances were found on the general ledger before closing entries were prepared: $$\begin{array} { | l | l | } \hline \text { Revenue } \$ 700 & \text { Cash } \$ 600 \\\hline \text { Expenses } \$ 400 & \text { Accounts Receivable } \$ 400 \\\hline \text { Capital } \$ 7,500 & \text { Withdrawals } \$ 1,000 \\\hline\end{array}$$ After closing entries are posted,what is the balance in the Capital account?

• A)$7,800
• B)$7,500
• C)$6,800
• D)Closing entries do not affect the Capital account.

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Definitions:

Positive Evaluation

The act of assessing something favorably, highlighting its strengths and merits often in a subjective manner.

Performance Evaluation

The systematic process of assessing an individual’s job performance and productivity in relation to established criteria and organizational objectives.

Punctuality

The characteristic of being able to complete a required task or fulfill an obligation before or at a previously designated time.

Social Desirability Bias

The tendency of respondents to answer questions in a manner that will be viewed favorably by others, often leading to inaccuracies in self-report measures.