Question
Sheffield Company showed the following balances at the end of its first year: Cash $9230 Prepaid insurance 9480 Accounts receivable 6930 Accounts payable 5610 Notes
Sheffield Company showed the following balances at the end of its first year:
| Cash | $9230 |
| Prepaid insurance | 9480 |
| Accounts receivable | 6930 |
| Accounts payable | 5610 |
| Notes payable | 8440 |
| Owners Capital | 2850 |
| Owners Drawings | 1460 |
| Revenues | 44800 |
| Expenses | 34600 |
Assume all accounts have a normal balance, what is the total of the accounts with a credit balance?
$61700
$71180
$52220
$63160
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
16th Edition
78110939, 978-0078110931
