Problem

Indicate the best answer for each question in the space provided.The account balances for...

Indicate the best answer for each question in the space provided.

The account balances for Creative Band, Inc. as of May 31, 2009, are listed below in alphabetical order:

Accounts Payable

$12,000

Equipment

$18,000

Accounts Receivable

$14,000

Land

$52,000

Building

$42,000

Notes Payable

$30,000

Cash

$8,000

Capital Stock

$92,000

 On June 3, Creative Band, Inc collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, $2,000 of additional shares of capital stock are issued for $5,600.

Refer to the above data.  In a trial balance prepared on June 4, the sum of the credit column is:

a $130,000. c $127,000

b $132,600. d Some other amount.

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Solutions For Problems in Chapter 3