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    rikki77's Avatar
    rikki77 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 28, 2009, 09:02 AM
    Basic Accounting - What is total of debit and credit?
    A trial balance prepared from the ledger account balances presented below would have equal debit and credit totals of:

    Cash 6000
    Accounts Receivable 4000
    Equipment 3000
    Accounts Payable 2000
    Notes Payable 2000
    Unearned Fees 1500
    Accumulated Depreciation 1000
    Common Stock 5000
    Retained Earnings 4000
    Land 2000
    Wage Expense 4000
    Revenues 6000
    Rent Expense 1500
    Dividends 1000

    A. $21,500
    B. $20,500
    C. $22,500
    D. $19,500

    The correct answer is A but I have no idea why. Help!
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Sep 28, 2009, 10:13 AM

    Classify accounts into debits and credits. Debits are assets and expenses, credits are liabilities, equity and income

    Answer A is correct
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