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?
A) $65,000.
B) $80,000.
C) $130,000.
D) $145,000.
E) $280,000.

Question

Quizplus · Accepted Answer

The balance in the Jay Travis, Capital account after closing entries will be $130,000, assuming that the net income or loss and withdrawals have been appropriately accounted for in the closing process.

The Following Information Is Available for the Travis Travel Agency