Question
The following trial balance was prepared by a new accounting staff, and it is imbalance, assuming all accounts are with normal balances, what should be
-
The following trial balance was prepared by a new accounting staff, and it is imbalance, assuming all accounts are with normal balances, what should be the correct total balance?
Dr.
Cr.
Cash
$33,600
Prepaid Insurance
$4,900
Account Payable
7,500
Unearned Fees
5,800
Common Stock
20,000
Dividends
4,000
Service Revenue
29,200
Salaries Expense
17,000
Rent Expense
3,000
Total Balance
76,400
48,600
The following trial balance was prepared by a new accounting staff, and it is imbalance, assuming all accounts are with normal balances, what should be the correct total balance?
|
| Dr. | Cr. |
| Cash | $33,600 |
|
| Prepaid Insurance |
| $4,900 |
| Account Payable |
| 7,500 |
| Unearned Fees | 5,800 |
|
| Common Stock | 20,000 |
|
| Dividends |
| 4,000 |
| Service Revenue |
| 29,200 |
| Salaries Expense | 17,000 |
|
| Rent Expense |
| 3,000 |
| Total Balance | 76,400 | 48,600 |
A. $70,600 B. $81,300 C. $73,600 D. $62,500
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
Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
9780073526706
