[The following information applies to the questions displayed below.]
Indirect Oil Co. r...
Business, 24.03.2020 06:04, joyandfaye
[The following information applies to the questions displayed below.]
Indirect Oil Co. reports these account balances at December 31, 2017
Accounts Payable $ 55,000
Land $ 100,000
Notes Payable $ 130,000
Equipment $ 80,000
Cash $ 40,000
Accounts Receivable $ 50,000
Buildings $ 120,000
Capital Stock $ 170,000
Retained Earnings $ 35,000
On January 2, 2018, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable.
In a trial balance prepared at January 3, 2018, the total of the debit column is:
a. $760,000.
b. $825,000.
c. $740,000.
d. $370,000.
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