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Novak Corp.'s trial balance reported the following balances at the end of its first year: Cash $17080 Prepaid insurance 850 Accounts receivable 4270 Accounts payable 3420 Notes payable 5120 Common stock 6590 Dividends 850 Revenues 35380 Expenses 21350 What amount did Novak Corp.'s trial balance show as total credits

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Tundexi

Answer:

Explanation:

                       Novak Corp.'s

                         Trail Balance  

                                   Debit ($)        Credit ($)

Cash                            $17,080

Prepaid insurance      $850

Accounts receivable   $4,270

Accounts payable                              $3,420

Notes payable                                    $5,120

Common stock                                   $6,590

Dividends                     $850  

Revenues                                            $35,380

Expenses                     $21,350                        

Credit Total                                         $50,510

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