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
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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
Debit side = $ 39,450 ; Credit side = $ 34,950
Debit side = $ 34,950 ; Credit side = $ 34,950
Transcribed Image Text: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 Debit side = $ 39,450 ; Credit side = $ 34,950 Debit side = $ 34,950 ; Credit side = $ 34,950
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