Electrelane Company Showed the Following Balances at the End of Its

question 144

Multiple Choice

Electrelane Company showed the following balances at the end of its first year: $$\begin{array} { l r } \text { Cash } & \$ 4,000 \\\text { Prepaid insurance } & 7,000 \\\text { Accounts receivable } & 5,000 \\\text { Accounts payable } & 4,000 \\\text { Notes payable } & 6,000 \\\text { Common stock } & 2,000 \\\text { Dividends } & 1,000 \\\text { Revenues } & 32,000 \\\text { Expenses } & 25,000\end{array}$$ What did Electrelene Company show as total credits on its trial balance?

• A) $9,000
• B) $44,000
• C) $45,000
• D) $49,000

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Definitions:

Canadian Dollars

The official currency of Canada, used in financial transactions within the country.

Ethics

A set of moral principles that govern the behavior of individuals and organizations.

Accounting

The systematic recording, reporting, and analysis of financial transactions of a business.

Business Organizations

Entities formed for the purpose of carrying on a commercial enterprise, including sole proprietorships, partnerships, corporations, and other types.