The following are the current month's balances for ABC Financial Services Company before preparing the trial balance. What amount should be shown for Miller,Capital on the trial balance?
A)$42,000
B)$20,000
C)$15,500
D)$25,000

Question

The following are the current month's balances for ABC Financial Services Company before preparing the trial balance.  What amount should be shown for Miller,Capital on the trial balance?
A)$42,000 
B)$20,000 
C)$15,500 
D)$25,000

Quizplus · Accepted Answer

B)In a trial balance,the total of debits must match the total of credits.Therefore,the balance
in Miller,Capital can be determined by totaling the debit and the credit balances and
calculating the balancing amount.
 11ea8a75_4272_add5_a2a1_f70872ea2134_TB6701_00 Miller,Capital = $40,500 - $20,500 = $20,000

The Following Are the Current Month's Balances for ABC Financial