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Business
Accounting
Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022? A) $7,440. B) $7,496. C) $7,444. D) $7,526.

Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022? A) $7,440. B) $7,496. C) $7,444. D) $7,526.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...
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Grantham Corporation reports the following ledger account balances at June 30, 2022:
Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66. Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022?
A) $7,440.
B) $7,496.
C) $7,444.

D) $7,526.

 

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