### Ledger Accounts and Trial Balance PreparationThe accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances:- **Accounts Payable**: $596- **Accounts Receivable**: $789- **Prepaid Insurance**: $1,733- **Cash**: $1,804- **Dividends**: $745- **Fees Earned**: $2,668- **Insurance Expense**: $513- **Land**: $2,367- **Wages Expense**: $588- **Common Stock**: $5,275#### Required TaskPrepare a trial balance. The total of the debits is:- ○ $6,693- ○ $5,275- ○ $1,101- ○ $8,539### Explanation:A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal. In this exercise, you need to sum the debit balances provided to determine the total debits.By checking each account, distinguish which accounts have debit balances and which have credit balances:- **Debit Accounts**: - Accounts Receivable ($789) - Prepaid Insurance ($1,733) - Cash ($1,804) - Dividends ($745) - Insurance Expense ($513) - Land ($2,367) - Wages Expense ($588)- **Credit Accounts**: - Accounts Payable ($596) - Fees Earned ($2,668) - Common Stock ($5,275)To find the total debits, sum the values of the debit accounts:$789 + $1,733 + $1,804 + $745 + $513 + $2,367 + $588 = $8,539Thus, the correct answer for the total of the debits is:- ○ $8,539

A trial balance is the summary of the general ledger balances. And the total of debits and credits…

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $596 Fees Earned $2,668 Accounts Receivable 789 Insurance Expense 513 Prepaid Insurance 1,733 Land 2,367 Cash 1,804 Wages Expense 588 Dividends 745 Common Stock 5,275 Prepare a trial balance. The total of the debits is O $6,693 O $5,275 $1,101 O $8,539

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $596 Fees Earned $2,668 Accounts Receivable 789 Insurance Expense 513 Prepaid Insurance 1,733 Land 2,367 Cash 1,804 Wages Expense 588 Dividends 745 Common Stock 5,275 Prepare a trial balance. The total of the debits is O $6,693 O $5,275 $1,101 O $8,539

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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