Randall's Service Company Began Operations on January 1,2019 What Is the December 31,2019 Balance of Randall,Capital?
A) $58,000

question 36

Multiple Choice

Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $58,000. Randall's Service Company
Trial Balance
December 31, 2019
$\begin{array}{lc}\text { Account Title}&\text { Debit}&\text { Credit}\\\text { Cash } & \$ 25,400 \\\text { Accounts Receivable } & 5,000 \\\text { Prepaid Rent } & 1,200 \\\text { Office Supplies } & 3,400 \\\text { Land } & 45,000 \\\text { Building } & 16,500 \\\text { Equipment } & 23,000\\\text { Accounts Payable } && \$ 15,000 \\\text { Unearned Revenue } && 5,000 \\\text { Notes Payable } && 25,000 \\\text { Randall, Capital } && 58,000\\\text { Randall, Withdrawals } & 6,700 \\\text { Service Revenue } &&80,300 \\\text { Salaries Expense } & 35,000 \\\text { Rent Expense } & 15.000\\\text { Office Expense } & 6,000 \\\text { Repair Expense } & \underline{1,100}&\underline{\quad\quad} \\\text { Total } & \underline{ \$ 183,300}& \underline{ \$ 183,300} \end{array}$ What is the December 31,2019 balance of Randall,Capital?

• A) $58,000
• B) $51,300
• C) $74,500
• D) $16,500

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Definitions:

Probate

The judicial process in which a will is proven in a court of law to be valid or invalid, and the legal process of administering the estate of a deceased person.

Bailment Contract

An agreement where personal property is transferred from the bailor to the bailee for a specific purpose, with the expectation of return.

Bailee Liability

refers to the legal responsibility of a bailee (a person or entity who temporarily holds property belonging to another) to take reasonable care of the goods in their custody.

Abandoned Property

Abandoned property refers to assets or possessions left by an owner who has intentionally relinquished all rights to its control and ownership.