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[The following information applies to the questions displayed below.]

Indirect Oil Co. reports these account balances at December 31, 2017

Accounts Payable $ 55,000
Land $ 100,000
Notes Payable $ 130,000
Equipment $ 80,000
Cash $ 40,000
Accounts Receivable $ 50,000
Buildings $ 120,000
Capital Stock $ 170,000
Retained Earnings $ 35,000

On January 2, 2018, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable.

In a trial balance prepared at January 3, 2018, the total of the debit column is:

a. $760,000.
b. $825,000.
c. $740,000.
d. $370,000.

Respuesta :

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Answer:

D. $370,000

Explanation:

INDIRECT OIL CO TRIAL BALANCE AS A JANUARY 3, 2018

DEBIT SIDE

Land $100,000

Equipment $80,000

(Cash 40,000+Receivable collected $25,000- Liability paid$20,000) $45,000

(Account Receivable $50,000 - Amount collected $25,000) $25,000

Buildings $120,000

TOTAL $370,000

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