Lali Company showed the following balances at the end of its first year on December 31,...
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Lali Company showed the following balances at the end of its first year on December 31, 2021. Cash $50,000 Prepaid Insurance 20,000 Notes Receivable 45,000 Accounts payable 25,000 Notes payable (2 years) 27,000 Lali, Capital 35,000 Lali, Drawing Service Revenues 60,000 Insurance Expense 4,000 Salaries Expense 9,000 Supplies Expense 5,000 What did Lali Company show as total credits on its Trial Balance?* O $192,000 $133,000 $147,000 None of the above What did Lali Company show as Drawings on its Trial Balance? * O $147,000 O $14,000 $133,000 O None of the above Assuming that the Drawings is equal to $20,000 and all other balances are the same except for the capital account at the end of 2021. Lali's capital is equal to: * $57,000 $35,000 $41,000 None of the above Lali Company showed the following balances at the end of its first year on December 31, 2021. Cash $50,000 Prepaid Insurance 20,000 Notes Receivable 45,000 Accounts payable 25,000 Notes payable (2 years) 27,000 Lali, Capital 35,000 Lali, Drawing Service Revenues 60,000 Insurance Expense 4,000 Salaries Expense 9,000 Supplies Expense 5,000 What did Lali Company show as total credits on its Trial Balance?* O $192,000 $133,000 $147,000 None of the above What did Lali Company show as Drawings on its Trial Balance? * O $147,000 O $14,000 $133,000 O None of the above Assuming that the Drawings is equal to $20,000 and all other balances are the same except for the capital account at the end of 2021. Lali's capital is equal to: * $57,000 $35,000 $41,000 None of the above
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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