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Question - The following normal account balances were found on the general ledger before closing entries were prepared:
Revenue $700 Cash $500
Expenses $400 Accounts Receivable $350
Capital $7,500 Withdrawals $1,000
After closing entries are posted, what is the balance in the Revenue account?
A) $700
B) $0
C) $300
D) Closing entries do not affect Revenue.
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