Use the information given above to answer the following questions:
Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business.

-What is the closing balance of Bank?
A) $100 000
B) $131 500
C) $170 000
D) $208 500.

Question

Use the information given above to answer the following questions:
Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business.

-What is the closing balance of Bank?
A) $100 000 
B) $131 500 
C) $170 000 
D) $208 500.

Quizplus · Accepted Answer

The closing balance of Bank is the sum of all the credits and debits made in the Bank account. From the T-account, we can see that the sum of credits is $131,500 and the sum of debits is $0. Therefore, the closing balance of Bank is $131,500.

Use the Information Given Above to Answer the Following Questions