Question

The ledger account balances for Concord Corporation at December 31, 2022 are as follows: Cash $320 Accounts Receivable 700 Prepaid Insurance 88 Supplies 270 Equipment 4800 Accumulated Depreciation, Equipment 770 Accounts Payable 394 Common Stock 1330 Retained Earnings 1560 Service Revenue 3200 Salaries and Wages Expense 2300 Rent Expense 620 If all accounts have normal balances, what would be total debits on the trial balance at December 31, 2022

Answer 1

Answer:

$9,098

Explanation:

Trial Balance at December 31, 2022

Account Name                           Debit

Cash                                            $320

Accounts receivable                   $700

Prepaid insurance                       $88

Supplies                                       $270

Equipment                                    $4,800

Salaries and wages expense      $2,300

Rent expense                               $620

Total Debits                                  $9,098

Note: All expense and assets have debit balances while all liabilities, revenue and owners equity have credit balance.