Abbott Company had the following accounts and balances at December 31, 2012. All
ID: 2364199 • Letter: A
Question
Abbott Company had the following accounts and balances at December 31, 2012. All accounts have normal balances.
What are the totals for debit balances and the credit balances that would appear at the end of Abbott's trial balance? (Hint:Label each account as an asset, liability, equity, revenue, or expense item. Then, considering the normal balance for each account type, add up the accounts that normally have debit balances and enter the total above in the debit column. To check your answer, add up the accounts that normally have credit balances and enter the total above in the credit column. The two totals must agree.)(Omit the "$" sign in your response.)
Abbott Company had the following accounts and balances at December 31, 2012. All accounts have normal balances.
Explanation / Answer
Particulars
Debit
Credit
Nature
Accounts Payable
0
165000
Liability
Accounts Receivable
335000
0
Asset
Cash
315000
0
Asset
Common stock
0
115000
Equity
Fees Earned
0
725000
Revenue
Insurance Expenses
63000
0
Expense
Land
195000
0
Asset
Rent Expense
165000
0
Expense
Retained Earnings
0
113000
Equity
Supplies
65000
0
Asset
Unearned Revenue
0
20000
Liability
Total
1138000
1138000
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Particulars
Debit
Credit
Nature
Accounts Payable
0
165000
Liability
Accounts Receivable
335000
0
Asset
Cash
315000
0
Asset
Common stock
0
115000
Equity
Fees Earned
0
725000
Revenue
Insurance Expenses
63000
0
Expense
Land
195000
0
Asset
Rent Expense
165000
0
Expense
Retained Earnings
0
113000
Equity
Supplies
65000
0
Asset
Unearned Revenue
0
20000
Liability
Total
1138000
1138000
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