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The information below shows the account balances for Asay Company. All account balances are as of the end of Year 1 (except Retained Earnings, which
The information below shows the account balances for Asay Company. All account balances are as of the end of Year 1 (except Retained Earnings, which shows the beginning balance at the start of Year 1, prior to any closing entries). Using a trial balance, calculate total credits for Year 1.
Accounts | Year 1 |
Cash | $25,000 |
Unearned Service Revenue | $20,000 |
Common Stock | $105,000 |
Notes Payable | $76,000 |
Accounts Payable | $10,000 |
Accounts Receivable | $53,000 |
Sales Revenue | $530,000 |
Equipment | $320,000 |
Rent Expense | $50,000 |
Prepaid Insurance Expense | $48,000 |
Retained Earnings (Beginning Balance) | $85,000 |
Cost of Goods Sold | $320,000 |
Wage Expense | $10,000 |
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