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5 July, 10:02

The accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical order. All accounts have normal balances. Accounts Payable 1,500 Fees Earned 3,000 Accounts Receivable 1,800 Insurance Expense 1,300 Investment 2,000 Land 3,000 Cash 2,600 Wages Expense 1,400 Drawing 1,200 Capital 8,800 Prepare a trial balance. The total of the debits is

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  1. 5 July, 11:45
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    Total debit balance = $12,100

    Explanation:

    All the accounts having debit balance will be accumulated:

    Accounts Receivable = $1,800

    Insurance Expense = $1,300

    Investment = $2,000

    Land = $3,000

    Cash = $2,600

    Wages Expense = $1,400

    Total debit balance = $12,100

    All the assets and expenses are added as they have debit balance and all the liabilities, capital and revenues are ignored as they have credit balances.
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