Caesar's Company's Trial Balance Contains the Following Balances

question 142

Multiple Choice

Caesar's Company's trial balance contains the following balances:
Cash $422 Accounts Receivable $377 Revenue $724
Accounts Payable $283 Expenses $208
What is the amount of total debits for this trial balance?

• A)$1,523
• B)$1,290
• C)$1,007
• D)$491

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Definitions:

Normal Balance

The side of an account (debit or credit) that is expected to increase; for assets and expenses, it’s debit; for liabilities, equity, and revenue, it's credit.

Financial Statement

A financial statement is a formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

Categories representing either enduring, long-term attributes or conditions, or those that are short-lived and transient.

Post-closing Trial Balance

A list of all accounts and their balances after closing entries have been made, ensuring that debits equal credits.