# The following is the adjusted trial balance for stockton company

Question 1

Use the following information in the adjusted trial balance for Stockton Company.

Determine the total liabilities for the period.

A. \$1,900

B. \$6,100

C. \$4,200

D. \$19,040

Question 2

Use the adjusted trial balance for Stockton Company to answer the questions that follow.

1. Determine the owner’s equity ending balance for the period.

a. \$12,150

b. \$15,330

c. \$16,120

d. \$12,940

2. Determine the current assets.

a. \$23,939

b. \$9,330

c. \$21,930

d. \$8,630

3. Determine the total liabilities for the period.

a. \$ 1,900

b. \$6,200

c. \$4,300

d. \$20,240

4. There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close _____, and the last one is to close the _____.

a. Income Summary, drawing account

b. Income Summary, Capital account

c. Income Summary, assets

d. Drawing account, Income Summary

5. Which of the accounts below would be closed by posting a debit to the account?

a. Unearned revenue

b. Fees Earned

c. Josh Morton, Drawing

d. Miscellaneous Expense

Question 3

The following is the adjusted trial balance for Stockton Company.

Determine the total assets.

The total liabilities amounted to \$6,100.

1.

=12,940-790+9,250-2,500-1,960-775-250-285

=\$15,630

• The answer is NONE OF THE ABOVE since the correct answer is \$15,630

2.

=6,530+2,100+700

=\$9,330

3.

=1,900+4,300

=\$6,200

4.