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Problem 1: Great Lakes Modeling Agency purchased $800 of scanning equipment at the beginning of the month. This account had no opening balance. Depreciation Expense on this item for the month is $200. What is the balance of the scanning equipment account at the end of the month?
A) $600
B) $1,000
C) $200
D) $800
Problem 2: 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 Capital account?
A) $7,800
B) $7,500
C) $6,800
D) Closing entries do not affect the Capital account.
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