Based on the Following Information,what Would Be the Total on the Credit

question 260

Multiple Choice

Based on the following information,what would be the total on the Credit side of a post closing trial balance,assuming all accounts have a normal balance?
$\begin{array}{lrlr}\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \\\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,71 \\\text { Office supplies } & 2,625 & \text { Rent expense } & 3,67 \\\text { Land } & 37,153 & \text { Salaries expense } & 6,64 \\\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \\\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \\\text { Common stock } & 54,490 & \text { Retained Earnings } & ?\end{array}$

• A)$61,516
• B)$74,671
• C)$74,800
• D)$87,955
• E)$81,263

Determine investment classifications on the balance sheet.

Understand the structure and presentation of a balance sheet, including the order of assets and liabilities.

Analyze owner's equity calculations and changes within an accounting period.

Recognize and distinguish between types of intangible assets.

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