ger of Monroc have normal balances. Accounts Payable Accounts Receivable Prepaid
ID: 2552602 • Letter: G
Question
ger of Monroc have normal balances. Accounts Payable Accounts Receivable Prepaid Insurance Cash Drawing $1,500 Fees Earned 1,800 Insurance Expense 2,000 Land 3,200 Wages Expense 1,200 Capital $3,600 1,300 3,000 1,400 8,800 The total of all the assets is a. $10,000 b. $8,000 c.$9,700 d. $9,800 2. April4 Equipment Cash 15,000 Note Payable 5,000 10,000 Which is the best explanation for this journal entry? a. Purchased equipment; paid cash of $5,000, with the remainder to be paid in the future. b. Purchased equipment; paid cash of $10,000, with the remainder to be received in the future. c. Purchased equipment with cash. d. Purchased equipment on account. 3. That the total dollar amount of the debits equal the total dollar amount of the credits in the ledger accounts can be verified through a(n): a. chart of accounts b. trial balance c. income statement d. balance sheet 4. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable Accounts Receivable $1,500 Fees Earned 1,800 Insurance Expense 2,000 Land 3,200 Wages Expense 1,200 Capital $3,600 1,300 3,000 1,400 8,800 Prepaid Insurance Cash DrawingExplanation / Answer
As per chegg guidelines when there are more than one question then we have to answer first question.
1) calculation of total assets:
Total assets= account receivable+prepaid insurance+cash+land
=1800+2000+3200+3000= $10000
So correct answer is a)$10000
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