Question 7
Trial Balance(₦)
Bank account 59,410
Capital account 50,000
Purchases account 20,000
Rent 2,500
Stationery 90
Typewriter 6,500
Sales 38,500
In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?
- A.₦147,910
- B.₦138,500
- C.₦88,500
- D.₦85,800.
Show the answer and explanation
Answer: C (₦88,500)
Explanation
Debits: 59 410 + 20 000 + 2 500 + 90 + 6 500 = 88 500. Credits: capital 50 000 + sales 38 500 = 88 500.