Qwik Company Showed the Following Balances at the End of Its

question 39

Multiple Choice

Qwik Company showed the following balances at the end of its first year: $$\begin{array} { l r } \text { Cash } & \$ 8,700 \\\text { Prepaid insurance } & 9,400 \\\text { Accounts receivable } & 7,000 \\\text { Accounts payable } & 5,800 \\\text { Notes payable } & 9,400 \\\text { Owner's Capital } & 2,300 \\\text { Owner's Drawings } & 1,400 \\\text { Revenues } & 44,000 \\\text { Expenses } & 35,000\end{array}$$ What did Qwik Company show as total credits on its trial balance?

• A) $52400
• B) $61500
• C) $62900
• D) $70900

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