BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
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Qwik Company showed the following balances at the end of its first year:Cash $ 8, 700Prepaid insurance 9, 400Accounts receivable 7, 000Accounts payable 5, 800Notes payable 9, 400Owner’s Capital 2, 300Owner’s Drawings 1, 400Revenues 44, 000Expenses 35, 000What did Qwik Company show as total credits on its trial balance?
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52, 400
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61, 500
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62, 900
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70, 900
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Explanation:
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