The trial balance of Liberty Enterprises contains the following balances among others on December 31, 2020: Debit Credit Notes Receivable Prepaid Insurance Office Equipment Notes Payable Salaries Expense Rent Expense Supplies Expense Taxes and Licenses Expense Advertising Expense Interest Income Rent Income 120,000.00 48,000.00 100,000.00 150,000.00 40,000.00 36,000.00 8,000.00 6,000.00 24,000.00 9,000.00 18,000.00
The trial balance of Liberty Enterprises contains the following balances among others on December 31, 2020: Debit Credit Notes Receivable Prepaid Insurance Office Equipment Notes Payable Salaries Expense Rent Expense Supplies Expense Taxes and Licenses Expense Advertising Expense Interest Income Rent Income 120,000.00 48,000.00 100,000.00 150,000.00 40,000.00 36,000.00 8,000.00 6,000.00 24,000.00 9,000.00 18,000.00
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 3MCQ
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