Question

In: Accounting

Row Labels Sum of NET DEBIT Sum of NET CREDIT Accounts Receivable 22200 0 Accumulated Depreciation...

Row Labels Sum of NET DEBIT Sum of NET CREDIT
Accounts Receivable 22200 0
Accumulated Depreciation 0 1100
Allowance for Doubtful Accounts 0 5000
Bad Debt Expense 5000 0
Building 30000 0
Cash 50628 0
Common Stock 0 50000
Computer Supplies 700 0
Depreciation Expense 1100 0
Equipment 17200 0
Insurance Expense 1350 0
Misc. Expense 325 0
Notes Payable 0 26200
Payroll Tax Expense 4200 0
Postage Expense 250 0
Prepaid Insurance 850 0
Rent Expense 7000 0
Repairs Expense 8300 0
Salaries Expense 15900 0
Sales Revenue 0 93800
Supplies 245 0
Supplies Expense 255 0
Training Expense 1700 0
Travel Expense 7397 0
Utilities Expense 1500 0
(blank) 0 0
Grand Total 0 0

2. How much is total liabilities in the trial balance?

  • 176,100

  • 76,200

  • 26,200

  • 32,300

Solutions

Expert Solution

Total Liabilities in the trial balance

= Notes Payable

= 26,200

Correct Answer: 26,200

Notes:

1) Accumulated Depreciation is a contra asset, which should be adjusted against Equipment a/c. It is not a liability.

2) Allowance for Doubtful Accounts is a contract asser, which should be adjusted against Accounts Receivables a/c. It is not a liability.

3) Common Stock is neither an asset nor a liability. It is included in Stockholders' Equity.

ekkarill92 answered 3 years ago
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