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Barnes Company showed the following balances at the end of its first year:
What did Barnes Company show as total credits on its trial balance?
Cash $14,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 5,400
Dividends 700
Revenues 24,000
Expenses 17,500
Solution
Hi,
The correct naswer is as follows:
accounts payable 2,800
notes payable 4,200
common stock 5,400
revenues 24,000
total credits on its trial balance = 2800+4200+5400+24000
= $36400
Hence, $36400 is the correct answer
Barnes Company showed the following balances at the end of its first y.docx

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Barnes Company showed the following balances at the end of its first y.docx

  • 1. Barnes Company showed the following balances at the end of its first year: What did Barnes Company show as total credits on its trial balance? Cash $14,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200 Common stock 5,400 Dividends 700 Revenues 24,000 Expenses 17,500 Solution Hi, The correct naswer is as follows: accounts payable 2,800 notes payable 4,200 common stock 5,400 revenues 24,000 total credits on its trial balance = 2800+4200+5400+24000 = $36400 Hence, $36400 is the correct answer