Question

The adjusted account balances of MacDonald Company, at December 31, 2021, are as follows: Cash $12,700...

The adjusted account balances of MacDonald Company, at December 31, 2021, are as follows:

Cash $12,700 Accounts payable $12,000
Accounts receivable 22,000 Notes payable 7,000
Prepaid insurance 10,000 Accumulated depreciation–
Equipment 40,000 equipment 14,000
Depreciation expense 7,000 Service revenue 27,000
B. Stine, drawings 1,500 B.MacDonald, capital 22,000
Advertising expense 400 Unearned service revenue 16,000
Rent expense 1,800
Salary expense 2,000
Insurance expense 600 ______
$98,000 $98,000


Instructions

a) Prepare closing entries for December 31, 2021.
b) Determine the balance in B. MacDonald's capital account after the entries have been posted.
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