Question

The J. Dawson, Capital account has a credit balance of $1,200 before closing entries are made. If total revenues for the year are $65,200, total expenses $49,800, and withdrawals are $2,400, what is the ending balance in the J. Dawson, Capital account after all closing entries have been made?\

Answer 1

Answer:

The answer is given below;

Explanation:

Capital-Opening               $1,200

Revenues for the year    $65,200

Expenses                        ($49,800)

Withdrawals                     ($2,400)

Closing balance of capital $14,200