question abbott company had the following accounts and balances at december31 2012 a 4281185
Question
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Abbott Company had the following accounts and balances at December31, 2012. All accounts have normal balances. |
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Accounts Payable |
$165,000 |
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Accounts Receivable |
335,000 |
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Cash |
315,000 |
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Common Stock |
115,000 |
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Fees Earned |
725,000 |
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Insurance Expense |
63,000 |
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Land |
195,000 |
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Rent Expense |
165,000 |
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Retained Earnings |
113,000 |
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Supplies |
65,000 |
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Unearned Revenue |
20,000 |
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Required: |
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What are the totals for debit balances and the credit balances thatwould appear at the end of Abbott's trial balance? (Hint:Labeleach account as an asset, liability, equity, revenue, or expenseitem. Then, considering the normal balance for each account type,add up the accounts that normally have debit balances and enter thetotal above in the debit column. To check your answer, add up theaccounts that normally have credit balances and enter the totalabove in the credit column. The two totals must agree.)(Omitthe “$” sign in your response.) |
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Abbott Company Trial Balance December 31, 2012 |
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Debit |
Credit |
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Individual accounts and account balances not shown. |
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Totals |
$ |
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