Question
Rahalli Co. has the following normal account balances: cash, $2,000; accounts receivable, $5,000; accounts payable, $3,000; withdrawals, $1,000; and capital, $15,000. What is the total
Rahalli Co. has the following normal account balances: cash, $2,000; accounts receivable, $5,000; accounts payable, $3,000; withdrawals, $1,000; and capital, $15,000. What is the total credit amount that would appear on the trial balance? Ignore the debit column.
a.$15,000
b.$26,000
c.$18,000
d.None of these choices are correct.
Bill Boston owns a landscaping service business. During the month of June he provided landscaping services to clients on account. The effect of this transaction is
a.a debit to Accounts Receivable and a credit to Landscape fees.
b.a debit to Landscape Fees and a credit to Accounts Receivable.
c.A debit to Accounts Payable and a credit to Cash.
d.a debit to Cash and a credit to Landscape Fees.
Owner investments are recorded as
a.credits to the owner's capital account.
b.debits to the owner's capital account.
c.credits to assets.
d.debits to assets.
e.credits to the owner's capital account and debits to the owner's capital account
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