Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the ending balances shown in the Partial Adjusted Trial Balance listed below, what is the total dollar ($) balance for the accounts that have
Using the ending balances shown in the Partial Adjusted Trial Balance listed below, what is the total dollar ($) balance for the accounts that have a normal credit balance?
Partial Adjusted Trial Balance | |
December 31, 20xx | |
Accounts | Normal Balance |
Cash | 10,000 |
Accounts Receivable | 5,000 |
Inventory | 150,000 |
Sales Tax Payable | 50,000 |
Accounts Payable | 4,000 |
Deferred Revenue | 3,000 |
Current Portion Long-term Debt | 10,000 |
Long-term Debt | 50,000 |
Common Stock | 25,000 |
Treasury Stock | 6,000 |
Retained Earnings | 50,000 |
Dividends | 6,000 |
Service Revenue | 20,000 |
Cost of Good Sold | 5,000 |
Rent Expense | 5,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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