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Business
Accounting
Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022? A) $7,440. B) $7,496. C) $7,444. D) $7,526.

Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022? A) $7,440. B) $7,496. C) $7,444. D) $7,526.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Grantham Corporation reports the following ledger account balances at June 30, 2022:
Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022?
A) $7,440.
B) $7,496.
C) $7,444.

D) $7,526.

 

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