Question

Question 7 of 18 > Current Attempt in Progress Sheffield Company showed the following balance at the end of the year Cach $3920 Prepaid insurance 2010 Accounts receivable 5100 4060 Accounts payable Notes payable 6020 Owner's Capital 2060 Owner's Dividends 910 Revenue 31800 Expenses 25700 What did Sheffield Company show as total credits on its trial balance? $40930 $12080 543940 544210 Attempts of used Sve for later

Answer 1

The credit side of the Trial balance generally consists of liabilities, revenue and owner's equity.

The following items given in the question will be included on the credit side of the Trial balance:

Accounts Payable (Liability) $4060

Notes Payable (Liability) $6020

Owner's capital (Equity) $2060

Revenues $31800

The sum of the above comes to $43,940.

Therefore, Sheffield Company shows as total credit on its Trial balance an amount of $43,940.