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Capital account after recording the closing entries

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Reference no: EM131761815

An adjusted trial balance is given below.

  Debit Credit
Cash $12,600  
Accounts Receivable 2,400  
Prepaid Rent 800  
Merchandise Inventory 28,000  
Accounts Payable   $4,200
Salaries Payable   1,000
Notes Payable   800
Smith, Capital   13,800
Smith, Withdrawals 1,000  
Sales Revenue   96,000
Sales Returns and Allowances 1,600  
Sales Discounts 400  
Cost of Goods Sold 25,000  
Salaries Expense 21,000  
Rent Expense 14,000  
Selling Expense 8,500  
Supplies Expense          500                 
Total $115,800 $115,800

What will be the final balance in the Smith, Capital account after recording the closing entries?

A. $24,000

B. $37,800

C. $36,800

D. $12,700

Reference no: EM131761815

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