Determine the balance of the following T account: a. 94,100 debit b. 54,900 debit c. 133,300 credit d. 54,900 credit e. 133,300 debit

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 2, Problem 1QY

Determine the balance of the following T account:

Chapter 2, Problem 1QY, Determine the balance of the following T account:

94,100 debit
54,900 debit
133,300 credit
54,900

a. 94,100 debit
b. 54,900 debit
c. 133,300 credit
d. 54,900 credit
e. 133,300 debit

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is th total equity for optima supplies?

If Ram Nation can give up one unit of future consumption and as a result increase its current consumption by 0.96 units, what must be its real rate of interest. I want answer

Total equity is 920

Answer 2

Textbook Question

Chapter 2, Problem 1QY

Determine the balance of the following T account:

Chapter 2, Problem 1QY, Determine the balance of the following T account:

94,100 debit
54,900 debit
133,300 credit
54,900

a. 94,100 debit
b. 54,900 debit
c. 133,300 credit
d. 54,900 credit
e. 133,300 debit

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 2, Problem 1QY

Determine the balance of the following T account:

Chapter 2, Problem 1QY, Determine the balance of the following T account:

94,100 debit
54,900 debit
133,300 credit
54,900

a. 94,100 debit
b. 54,900 debit
c. 133,300 credit
d. 54,900 credit
e. 133,300 debit

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 2, Problem 1QY

Determine the balance of the following T account:

Chapter 2, Problem 1QY, Determine the balance of the following T account:

94,100 debit
54,900 debit
133,300 credit
54,900

a. 94,100 debit
b. 54,900 debit
c. 133,300 credit
d. 54,900 credit
e. 133,300 debit

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Answer 8

Expert Solution & Answer

To determine

State the option that is the balance of the T-account.

Answer to Problem 1QY

b. 54,900 debit.

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

State the option that is the balance of the T-account.

Answer 12

Answer to Problem 1QY

b. 54,900 debit.

Answer 13

Explanation of Solution

T-account:

Trial balance is the summary of accounts, and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.

Justification for the incorrect options of a, c, d and e:

94,100 debit, 133,300 credit, 54,900 credit and 133,300 debit are not the balance of the T-account. Therefore, these are incorrect options.

Justification for the correct option b:

Balance in T-accounts:

Each side (debit and credit) is added separately and the totals (footings) are recorded. Now, find out the difference between large footing and small footing and then place the balance on the large footing side.

Balance of T-account is calculated as follows:

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter 2, Problem 1QY

Therefore, according to the above explanation, option b. 54,900 debit is the correct answer and the other options of a, c, d and e are incorrect.

Answer 14

Ch. 2 - Determine the balance of the following T account: ...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QY Ch. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ

Determine the balance of the following T account: a. 94,100 debit b. 54,900 debit c. 133,300 credit d. 54,900 credit e. 133,300 debit

Concept explainers

Videos

Answer to Problem 1QY

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions

Additional Business Textbook Solutions