Answer: The answer is c $1,080 $560
Explanation:
The journal entry will be
Dr: common stock $200 million
Dr: paid in capital $180 million
In the stockholders equity section , the treasury stock is seen as a separate line item in the stockholders equity. The treasury stock will be deducted from the total stockholders equity. The treasury stock is not a part of paid in capital nor part of the retained earning.
Therefore the balance in the paid in capital excess of par Retained Earnings is 1,080 $560
In order to create balance sheets and other financial accounts, trial balances are a crucial document for auditors. To identify any accounting problems, a trial balance is performed to ensure that the general ledger accounts' debit and credit column totals match.
<h3>What purpose does a trial balance serve?</h3>
Any mathematical mistakes that have occurred in a double entry accounting system can be found using a trial balance. There shouldn't be any arithmetic errors in the ledgers if the sum of the debits and credits equals the total of the trial balance.
<h3>What exactly does a trial balance contain?</h3>
It varies. A trial balance can be used by businesses to monitor their financial status, and they may create multiple different types of trial balances over the course of the fiscal year. All of the significant accounting items, including as assets, liabilities, equity, revenues, expenses, gains, and losses, may be included in a trial balance.
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Answer:
D is the correct option
Explanation:
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Answer:
Explanation:
The debit and credit balance of trial balance is shown below:
Debit balance = Cash + Rent Expense + Dividends + Salaries Expense + Equipment + Accounts Receivable + Advertising Expense
= $12,850 + $2,400 + $1,500 + $4,300 + $12,935 + $5,700 + $1,370
= $41,055
And the credit balance = Service revenue + accounts payable + common stock
= $23,230 + $2,825 + $15,000
= $41,055
The preparation of the trial balance is given in the spreadsheet. Kindly find the attachment below:
