Question

The following are selected current​ month's balances for​ Morgan, Inc. Accounts Payable $ 9 comma 000 Revenue 8 comma 000 Cash 8 comma 350 Expenses 1 comma 400 Furniture 10 comma 000 Accounts Receivable 12 comma 000 Common Stock 10 comma 250 Notes Payable 4 comma 500 Based on this​ information, calculate the total amount of credits for the trial balance.

Answer 1

Answer:

The total amount of credits for the trial balance will be $31,750, which includes: Accounts Payable of $9,000, Revenue of $8,000, Common Stock of $10,250, and Notes Payable of $4,500.  

Explanation:

These four accounts normally have credit balances in the general ledger.  Since they are the only ones in this example, they will be reflected also on the credit side of the trial balance with their given amounts.

The other accounts listed in the example normally have debit balances in the general ledger and are reflected on the debit side of the trial balance.  These also have a total of $31,750 when they are added up.