The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. I total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? A-$37,000.

B. $35,400.

C $43,400.

D. $28,000.

E. $52,400.

Question

Business

Beckett Foley

11 August, 04:39

The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. I total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? A-$37,000.

B. $35,400.

C $43,400.

D. $28,000.

E. $52,400.

+3

Answers (1)

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Beckett Anthony · Answer 1

Answer: C $43,400.

Explanation:

We have the following dа ta:

Credit Balance (at the begining) = $37,000

Total revenues=$55,200

Total expenses=$39,800

Withdrawals = $9,000

Now, the ending balance after the closing entries is:

Closing entries=Credit Balance+Total revenues-Total expenses-Withdrawals

Closing entries=$37,000+$55,200-$39,800-$9,000

Closing entries=$43,400

Therefore, the correct option is C.