A merchandiser uses a perpetual inventory system.The beginning Owner,Capital balance of the merchandiser was $120,000.During the year,Sales Revenue amounted to $80,000,Cost of Goods Sold was $45,000,and all other expenses totaled $12,000.Owner withdrawals were $27,000.There were no new capital contributions during the year.The ending balance of Owner,Capital would be ________.
A) $143,000
B) $116,000
C) $170,000
D) $120,000

Question

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B) The closing journal entries would be:
 11ea8873_d46e_82c0_bb89_6df46a5206f4_TB5026_00 11ea8873_d46e_82c1_bb89_a5e6d2fc4f15_TB5026_00 11ea8873_d46e_82c2_bb89_9bd37425ac60_TB5026_00 11ea8873_d46e_82c3_bb89_757cb9ac0b92_TB5026_00 Ending balance of Owner, Capital:
 11ea8873_d46e_a9d4_bb89_cbef24ed516e_TB5026_00

A Merchandiser Uses a Perpetual Inventory System