The Following Are Selected Current Month's Balances for Allbright Enterprises

question 87

Multiple Choice

The following are selected current month's balances for Allbright Enterprises. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 8,000 \\\hline \text { Revenue } & 12,000 \\\hline \text { Cash } & 6,000 \\\hline \text { Expenses } & 1,300 \\\hline \text { Furniture } & 10,000 \\\hline \text { Accounts Receivable } & 14,000 \\\hline \text { Common Stock } & 7,250 \\\hline \text { Notes Payable } & 4,050 \\\hline\end{array}$$ Based on this information, calculate is the total amount of debits for the trial balance?

• A) $24,000
• B) $25,300
• C) $30,000
• D) $31,300

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Definitions:

Par Value

The nominal or face value of a bond, stock, or other financial instrument, established at the time of issuance.

Semiannually

Occurring twice a year, often referring to payments or interest calculations.

Cash Paid

The total amount of cash disbursed by a company for various purposes, such as operating expenses, purchasing assets, or debt repayment.

Premium on Bonds Payable

The amount by which the cash received from issuing bonds exceeds their face value, signifying an interest rate lower than the market rate.