Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense Select one: Debit Credit $7,750 6,375 11,250 a. $11,000. b. $7,250. c. Zero. Od. $22,250. 3,750 8,000 1,625 2,125 $3,000 3,875 11,250 -0- Totals $40,875$ 40,875 After closing the accounts, Retained Earnings at December 31 equals: 22,750

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:
Novelty Toys, Incorporated
Adjusted Trial Balance
December 31, Year 1
Cash
Accounts Receivable
Office Equipment
Accumulated Depreciation
Accounts Payable
Capital Stock
Retained Earnings
Dividends
Fees Earned
Salaries Expense
Advertising Expense
Depreciation Expense
Select one:
Debit Credit
$7,750
6,375
11,250
a. $11,000.
b. $7,250.
C. Zero.
Od. $22,250.
3,750
$3,000
3,875
11,250
-0-
8,000
1,625
2,125
Totals
$ 40,875 $ 40,875
After closing the accounts, Retained Earnings at December 31 equals:
22,750
Transcribed Image Text:Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense Select one: Debit Credit $7,750 6,375 11,250 a. $11,000. b. $7,250. C. Zero. Od. $22,250. 3,750 $3,000 3,875 11,250 -0- 8,000 1,625 2,125 Totals $ 40,875 $ 40,875 After closing the accounts, Retained Earnings at December 31 equals: 22,750
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