I got answer C.) But this turned out to be wrong The following list of accounts
ID: 2334946 • Letter: I
Question
I got answer C.) But this turned out to be wrong
The following list of accounts appear in alphabetical order and were taken from ABC Corporation’s ledger as of December 31, 2018. The Accounts Payable records were missing.
Accounts Payable $ ? Inventory $7,000
Accounts Receivable 3,000 Land 5,000
Building 22,000 Notes Payable 12,000
Cash 9,000 Retained Earnings 11,000
Common Stock 20,000 Unearned Revenues 4,000
Cost of Goods Sold 2,000 Wage Expense 6,000
Dividends 1 ,000 Revenue 8,000
Equipment 10,000
Based on this information, determine the total dollar amount of credits that would appear in the company’s trial balance.
A. $63,000
B. $67,000
C. $64,000
D. $69,000
E. $65,000
A. $63,000
B. $67,000
C. $64,000
D. $69,000
E. $65,000
Explanation / Answer
Answer;
Total dollar amount of credits of trial balance. =E) $65,000
Working notes for the above answer is as under
Assets
Debit
Credit
Current Assets
Cash
9000
Accounts Receivable
3000
Inventory
7000
Land
5000
Equipment
10,000
Building
22000
Accounts Payable
10,000
Notes Payable
12000
Unearned revenue
4000
Dividend
1000
Common Stock
20,000
Retained Earnings
11000
Revenue
8000
Cost of goods sold
2000
Wage Expense
6000
Total
65000
65000
Assets
Debit
Credit
Current Assets
Cash
9000
Accounts Receivable
3000
Inventory
7000
Land
5000
Equipment
10,000
Building
22000
Accounts Payable
10,000
Notes Payable
12000
Unearned revenue
4000
Dividend
1000
Common Stock
20,000
Retained Earnings
11000
Revenue
8000
Cost of goods sold
2000
Wage Expense
6000
Total
65000
65000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.