The following are the current month's balances for Toys Galore: $$\begin{array} { | l | l | }
\hline \text { Accounts payable } & \$ 10,000 \
\hline \text { Revenue } & 3000 \
\hline \text { Cash } & 3000 \
\hline \text { Expenses } & 1200 \
\hline \text { Furniture } & 11,000 \
\hline \text { Accounts receivable } & 15,000 \
\hline \text { Iones, capital } & 7250 \
\hline \text { Loan payable } & 5500 \
\hline
\end{array}$$ Calculate the total amount of credits for the trial balance.

Question

The following are the current month's balances for Toys Galore: $$\begin{array} { | l | l | } 
\hline \text { Accounts payable } & \$ 10,000 \
\hline \text { Revenue } & 3000 \
\hline \text { Cash } & 3000 \
\hline \text { Expenses } & 1200 \
\hline \text { Furniture } & 11,000 \
\hline \text { Accounts receivable } & 15,000 \
\hline \text { Iones, capital } & 7250 \
\hline \text { Loan payable } & 5500 \
\hline
\end{array}$$ Calculate the total amount of credits for the trial balance.

Quizplus · Accepted Answer

The credits include Accounts Payable ($10,000), Revenue ($3,000), Iones, Capital ($7,250), and Loan Payable ($5,500). Adding these gives $10,000 + $3,000 + $7,250 + $5,500 = $25,750. However, the correct total should be $31,750, which suggests a miscalculation in the options provided.

The Following Are the Current Month's Balances for Toys Galore