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On 2/1/y1 Mary began a service proprietorship with an initial investment of $2000 cash. The proprietorship provided $5,000 of services in February...

On 2/1/y1 Mary began a service proprietorship with an initial investment of $2000 cash. The proprietorship provided $5,000 of services in February and received full payment in March. The proprietorship incurred expenses of $3,000 in February, which were paid in April. During May, Mary drew $1,000 against the capital account. In the proprietorship's financial statements for the two months ended March 31, year 1 prepared under the accrual basis of accounting, what amount should be reported as capital?

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Capital amount As at 31/03/year 1 Particulars Amount $ Amount $... View the full answer

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