Sheridan Company showed the following balances at the end of its first year: Cash $3930 Prepaid...
Sheridan Company showed the following balances at the end of its
first year:
| Cash |
$3930 |
| Prepaid insurance |
6900 |
| Accounts receivable |
4930 |
| Accounts payable |
3970 |
| Notes payable |
5980 |
| Owner’s Capital |
1990 |
| Owner’s Dividends |
920 |
| Revenues |
31200 |
| Expenses |
25200 |
What did Sheridan Company show as total credits on its trial
balance?
|
a |
$40130 |
|
b |
$43140 |
|
c |
$11920 |
|
d |
$43220 |
Homework Answers
Solution-
| Amount ($) | |
| Accounts Payable | 3970 |
| Notes Payable | 5980 |
| Owner's Capital | 1990 |
| Revenues | 31200 |
| Total | 43140 |
So, Sheridan Company show $43140 as total credits on its trial balance.
Ans : (b) $43140
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