The following information is available for the Travis Travel Agency.After these closing entries what will be the balance in the Jay Travis,Capital account?
Total revenues………………. $125,000
Total expenses………………. 60,000
Jay Travis,Capital…………… 80,000
Jay Travis,Withdrawals……... 15,000
A)$ 65,000.
B)$ 80,000.
C)$130,000.
D)$145,000.
E)$280,000.

Question

Quizplus · Accepted Answer

Ending Capital Balance = Beginning Capital Balance + Revenues - Expenses - Withdrawals
Ending Capital Balance = $80,000 + $125,000 - $60,000 - $15,000 = $130,000

The Following Information Is Available for the Travis Travel Agency