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

question 83

Multiple Choice

Refer to the following adjusted trial balance.
$$\begin{array} { | l | l | l | } \hline \text { Accounts } & { \text { Debit } } & \text { Credit } \\\hline \text { Cash } & \$ 1900 & \\\hline \text { Accounts receivable } & 3500 & \\\hline \text { Office supplies } & 100 & \\\hline \text { Equipment } & 20,500 & \\\hline \text { Accumulated depreciation -equipment } & & \$ 3000 \\\hline \text { Accounts payable } & & 1700 \\\hline \text { Salaries payable } & & 350 \\\hline \text { Unearned revenue } & & 550 \\\hline \text { Owner's name, capital } & & 3200 \\\hline \text { Owner's name, drawings } & 3000 & \\\hline \text { Service revenue } & & 51,700 \\\hline \text { Salaries expense } & 23,000 & \\\hline \text { Supplies expense } & 2200 & \\\hline \text { Depreciation expense -equipment } & 1800 & \\\hline \text { Total } & \$ \mathbf { 6 1 , 0 0 0 } & \mathbf {\$ 6 1 , 0 0 0 } \\\hline\end{array}$$
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:

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured or reimburses the insured for expenses incurred from illness or injury.

Performance Compensation

A pay system where employees' remuneration is directly linked to their performance or the outcomes they achieve.

Employees' Control

The extent to which workers have power or influence over their work environment and decision-making processes.

Variable Salary

A compensation structure where a portion of an employee's pay is based on some form of performance measure, leading to fluctuations in earnings.