Business, 22.09.2020 20:01 ashleydaya
Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
Stockton Company
Adjusted Trial Balance
December 31
Cash 7,530
Accounts Receivable 2,100
Prepaid Expenses 700
Equipment 13,700
Accumulated Depreciation 1,100
Accounts Payable 1,900
Notes Payable 4,300
Common Stock 1,000
Retained Earnings 12,940
Dividends 790
Fees Earned 9,250
Wages Expense 2,500
Rent Expense 1,960
Utilities Expense 775
Depreciation Expense 250
Miscellaneous Expense 185
Totals 30,490 30,490
Determine total assets.
a.$24,030
b.$22,930
c.$16,830
d.$25,130
Part 2: If the two totals of a trial balance are not equal, it could be due to
a. recording the same transaction more than once
b. an error in determining the account balances, such as a balance being incorrectly computed
c. recording the same erroneous amount for both the debit and the credit parts of a transaction
d. failure to record a transaction
Part 3:The assets section of the balance sheet normally presents assets in
a. the order of smallest to largest dollar amounts
b. the order of largest to smallest dollar amounts
c. the order in which they will be converted into cash or used in operations
d. alphabetical order
part 4:Which of the following entries records the collection of cash from cash customers?
a. Fees Earned, debit; Accounts Receivable, credit
b. Cash, debit; Fees Earned, credit
c. Accounts Receivable, debit; Fees Earned, credit
d. Fees Earned, debit; Cash, credit
Answers: 3
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Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
Stoc...
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