On 1st January Pranav started Business by introducing $ 24,000 as cash, $ 7,000 as Equipment and $ 3,100 as Supplies. During the Year cash payments made for Prepaid Rent and Prepaid Insurance are $ 6,060 and $ 6,600 respectively also business has paid Salaries of $ 3,560 in cash. Additional Supplies were purchased on credit for $ 850. Miscellaneous Expenses incurred by the Business paid in Cash of $ 4,480. Using the information, find out the totals of the balances of the Debit and Credit sides of Trial Balance. Debit side = $ 34,950 ; Credit side = $ 34,590 Debit side = $ 39,450 ; Credit side = $ 39,450

On 1st January Pranav started Business by introducing $ 24,000 as cash, $ 7,000 as Equipment and $ 3,100 as Supplies. During the Year cash payments made for Prepaid Rent and Prepaid Insurance are $ 6,060 and $ 6,600 respectively also business has paid Salaries of $ 3,560 in cash. Additional Supplies were purchased on credit for $ 850. Miscellaneous Expenses incurred by the Business paid in Cash of $ 4,480. Using the information, find out the totals of the balances of the Debit and Credit sides of Trial Balance. Debit side = $ 34,950 ; Credit side = $ 34,590 Debit side = $ 39,450 ; Credit side = $ 39,450

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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