Qwik Company showed the following balances at the end of its first year:
$\begin{array}{lr}
\text { Cash } & \$ 8,700 \
\text { Prepaid insurance } & 9,400 \
\text { Accounts receivable } & 7,000 \
\text { Accounts payable } & 5,800\\text { Notes payable } & 9,400 \
\text { Owner's Capital } & 2,300 \
\text { Owner's Drawings } & 1,400 \
\text { Revenues } & 44,000 \
\text { Expenses } & 35,000
\end{array}$
What is the total of the accounts with a credit balance?

Question

Qwik Company showed the following balances at the end of its first year: 
$\begin{array}{lr}
\text { Cash } & \$ 8,700 \
\text { Prepaid insurance } & 9,400 \
\text { Accounts receivable } & 7,000 \
\text { Accounts payable } & 5,800\\text { Notes payable } & 9,400 \
\text { Owner's Capital } & 2,300 \
\text { Owner's Drawings } & 1,400 \
\text { Revenues } & 44,000 \
\text { Expenses } & 35,000
\end{array}$
What is the total of the accounts with a credit balance?

Quizplus · Accepted Answer

To determine the total of the accounts with a credit balance, we add up all the credit balances ($20,000 + $30,000 + $11,500 = $61,500). Therefore, the answer is B.

Qwik Company Showed the Following Balances at the End of Its