Cronah has the following normal account balances: contributed capital, $1,000,000; accounts payable, $14,000; property, plant and equipment, $100,000; revenue, 500,000; wage expense, $10,000; inventory, $130,000; cash, $850,000; accounts receivable, $250,000, retained earnings, $326,000; and cost of goods sold, $200,000.

(T of F)

Total assets are $1,330,000

o True

o False

 

Answer rating: 100% (QA)

Answer False Explanation A debit is an accounting entry that cre... View the full answer