Qwik Company showed the following balances at the end of its first year: $$\begin{array} { l r }
\text { Cash } & \$ 8,700 \
\text { Prepaid insurance } & 9,400 \
\text { Accounts receivable } & 7,000 \
\text { Accounts payable } & 5,800 \
\text { Notes payable } & 9,400 \
\text { Owner's Capital } & 2,300 \
\text { Owner's Drawings } & 1,400 \
\text { Revenues } & 44,000 \
\text { Expenses } & 35,000
\end{array}$$ What did Qwik Company show as total credits on its trial balance?
A) $52400
B) $61500
C) $62900
D) $70900

Question

Qwik Company showed the following balances at the end of its first year: $$\begin{array} { l r } 
\text { Cash } & \$ 8,700 \
\text { Prepaid insurance } & 9,400 \
\text { Accounts receivable } & 7,000 \
\text { Accounts payable } & 5,800 \
\text { Notes payable } & 9,400 \
\text { Owner's Capital } & 2,300 \
\text { Owner's Drawings } & 1,400 \
\text { Revenues } & 44,000 \
\text { Expenses } & 35,000
\end{array}$$ What did Qwik Company show as total credits on its trial balance?
A) $52400
B) $61500
C) $62900
D) $70900

Quizplus · Accepted Answer

Total credits on the trial balance include Accounts Payable, Notes Payable, Owner's Capital, and Revenues. Adding these together gives: $5,800 (Accounts Payable) + $9,400 (Notes Payable) + $2,300 (Owner's Capital) + $44,000 (Revenues) = $61,500.

Qwik Company Showed the Following Balances at the End of Its