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