Ceramic Products, Inc. reports these account balances at January 1, 2015 (shown

Question

Ceramic Products, Inc. reports these account balances at January 1, 2015 (shown in alphabetical order): Accounts Payable $ 36,000 Accounts Receivable $ 28,000 Buildings $ 161,000 Capital Stock $ 193,000 Cash $ 21,000 Equipment $ 28,000 Land $ 88,000 Notes Payable $ 32,000 Retained Earnings $ 57,000 On January 5, Ceramic Products collected $20,000 of its accounts receivable and paid $19,000 on its note payable. 10. Required information In a trial balance prepared for Ceramic Products on January 6, 2015, the total of the credit column is: $299,000. $318,000. $337,000. $319,000.

Explanation / Answer

The Total of Credit column on January 6,2015 is $ 299,000 as shown below:

Trial Balance of Ceramic Products as on January 6,2015 Particulars Debit Credit Accounts Payable $       36,000 Accounts Receivable $          8,000 Buildings $    1,61,000 Capital stock $   1,93,000 Cash $        22,000 Equipment $        28,000 Land $        88,000 Notes payable $       13,000 Retained Earnings $       57,000 Total $    3,07,000 $   2,99,000 Note: Accounts Receivable as on January 1, 2015 $        28,000 Less collection on January 5, 2015 $        20,000 Balance as on January 6 2015 $          8,000 Notes Payable as on January 1, 2015 $        32,000 Less Paid on January 5, 2015 $        19,000 Balance as on January 6 2015 $        13,000 Cash as on January 1, 2015 $        21,000 Add: Receivable collection on January 5 2015 $        20,000 Less: Paid notes payable on January 5,2015 $        19,000 Balance as on January 6 2015 $        22,000

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