Based on the adjusted account balances below what is the total of the asset side of the adjusted tabular summary? $\begin{array} { l r l r }
\text { Service revenue } & \$ 5,300 & \text { Equipment } & \$ 7,400 \
\text { Cash } & 2,525 & \text { Prepaid insurance } & 1,225 \
\text { Unearned service rev. } & 5,320 & \text { Depreciation expense } & 640 \
\text { Salaries and wages expense } & 1,050 & \text { Accum. depreciation } & 1,280 \
\text { Common stock } & 390 & \text { Retained earnings } & 550
\end{array}$

Question

Based on the adjusted account balances below what is the total of the asset side of the adjusted tabular summary? $\begin{array} { l r l r } 
\text { Service revenue } & \$ 5,300 & \text { Equipment } & \$ 7,400 \
\text { Cash } & 2,525 & \text { Prepaid insurance } & 1,225 \
\text { Unearned service rev. } & 5,320 & \text { Depreciation expense } & 640 \
\text { Salaries and wages expense } & 1,050 & \text { Accum. depreciation } & 1,280 \
\text { Common stock } & 390 & \text { Retained earnings } & 550
\end{array}$

Quizplus · Accepted Answer

The total of the asset side includes Cash ($2,525), Equipment ($7,400), and Prepaid Insurance ($1,225), which sums up to $11,150. However, the correct total should be $9,870, considering the depreciation adjustment.

Based on the Adjusted Account Balances Below What Is the Total