Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below is a partial list of account balances for LBJ Company. Cash $15,000 Prepaid rent 1,000 Accounts receivable 3,500 Accounts payable 3,000 Notes payable 6,000
Below is a partial list of account balances for LBJ Company.
| Cash | $15,000 |
| Prepaid rent | 1,000 |
| Accounts receivable | 3,500 |
| Accounts payable | 3,000 |
| Notes payable | 6,000 |
| Common stock | 100,000 |
| Dividends | 1,500 |
| Revenues | 75,000 |
| Expenses | 45,500 |
What did LBJ Company show as total credits?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started