Montauk Oil Co. reports these account balances at December 31, 2014 Accounts Pay

Question

Montauk Oil Co. reports these account balances at December 31, 2014 Accounts Payable $ 117,000 Land $ 207,000 Notes Payable $ 267,000 Equipment $ 167,000 Cash $ 87,000 Accounts Receivable $ 107,000 Buildings $ 247,000 Capital Stock $ 347,000 Retained Earnings $ 77,000 On January 2, 2015, Montauk Oil collected $57,000 of its accounts receivable and paid $27,000 of its accounts payable. 9. Required information In a trial balance prepared at December 31, 2014 the total of the debit column is: $1,055,000. $815,000. $1,603,000. $728,000.

Explanation / Answer

Answer . In a trial balance prepared at December 31, 2014 the total of the debit column is: $815,000 Calculation of Dr. Balance in Trial Balance As on Dec. 31, 2014 Particulars Dr. Amt. Land                     207,000 Equipment                     167,000 Cash                       87,000 Accounts Receivables                     107,000 Building                     247,000 Totals                     815,000

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