Montauk Oil Co. reports these account balances at December 31, 2017 Accounts Pay

Question

Montauk Oil Co. reports these account balances at December 31, 2017 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital stock Retained Earnings $110,000 $200, 000 $260, 000 $160,000 $ 80,000 $100,000 $240,000 $340,000 $ 70,000 On January 2, 2018, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable In a trial balance prepared at December 31, 2017 the total of the debit column is Select one O a. $1,540,000 O b. $780,000. O c. $1,020,000. O d. $700,000.

Explanation / Answer

Q.1 Calculate total of debit column :

so answer is b) $780000

Cash 80000 Account receivable 100000 Land 200000 Building 240000 Equipment 160000 Total 780000

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