21 the following are the current month 39 s balances for toys galore inc accounts pa 4307885

21 the following are the current month 39 s balances for toys galore inc accounts pa 4307885

21) The following are the current month's balances for Toys Galore Inc.

Accounts Payable

$ 8,000

Revenue

10,000

Cash

5,000

Expenses

1,750

Furniture

12,000

Accounts Receivable

14,000

Common Stock

8,250

Notes Payable

6,500

Calculate the total amount of credits for the trial balance.

A) $24,500

B) $22,750

C) $24,750

D) $32,750

22) The following are the current month's balances for Toys Galore Inc.

Accounts Payable

$ 8,000

Revenue

10,000

Cash

5,000

Expenses

1,750

Furniture

12,000

Accounts Receivable

14,000

Common Stock

8,250

Notes Payable

6,500

What is the total amount of debits for the trial balance?

A) $26,000

B) $27,750

C) $31,000

D) $32,750

23) The following are the current month's balances for Toys Galore Inc.

Accounts Payable

$ 8,000

Revenue

10,000

Cash

5,000

Expenses

1,750

Furniture

12,000

Accounts Receivable

14,000

Common Stock

8,250

Notes Payable

6,500

What is the net income for Toys Galore Inc. for the current month?

A) $10,000

B) $8,250

C) $11,750

D) $15,000

24) Which of the following accounts has a normal debit balance?

A) Revenue

B) Notes Payable

C) Cash

D) Accounts Payable

25) The following transactions have been journalized and posted to the proper accounts. Prepare a trial balance at the end of the first month using the following details:

a.The business received $15,000 cash and issued common stock.

b.Paid the first month's rent with $800 cash.

c.Purchased equipment by paying $4,000 cash and executing a note payable for $4,000.

d.Purchased office supplies for $200 cash. The supplies are left at the end of the month.

e.Billed clients for a total of $7,000 for design services rendered.

f.Received $1,000 cash from clients for services rendered above.

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