Monet Design's trial balance contains the following balances:
Cash $423 Accounts Receivable $381 Revenue $727
Accounts Payable $286 Expenses $209
What is the amount of total debits for this trial balance?
A) $1,531
B) $495
C) $1,013
D) $1,299
C) $1,013
Explanation: Add values for accounts with normal debit balances: cash, A/R, expenses
Cash ($423) + Accounts Receivable ($381) + Expenses ($209) = Total debits
$423 +$381 + $209 = $1,013
You might also like to view...
Securitization is the process by which a bank sells a loan (which it made previously) to
A. investors. B. the government. C. other banks. D. depositors.
When two or more individuals engage in an enterprise as co-owners, the organization is known as a proprietorship
Indicate whether the statement is true or false
Assume a business had sales of $300,000, fixed costs of $75,000, a margin of safety of 58.33%, and a contribution margin ratio of 60%. What was the break-even point?
a. $70,000 b. $100,000 c. $180,000 d. $125,000
If two events are mutually exclusive, then
A) their probabilities can be added. B) they may also be collectively exhaustive. C) the joint probability is equal to 0. D) if one occurs, the other cannot occur. E) All of the above